I posted last Thursday that this was all likely come down to...

I posted last Thursday that this was all likely come down to time, the deal being talked about is very complexed and the note holders needed to be on board to allow time for a prospectus to be issued and General Meeting to approve.

If they were not onboard then they would likely appoint receivers.

Thats what's happened, but a bit surprised this did not happen on the 1st Nov. Run out of cash?

AJM will / has ? appoint an administrator, and I am sure AB and JB will be working to get a another deal together and propose this as a DOCA but time is now against them as the receiver has already said C&M.

If they do pull together a deal they will propose to the Administrator who can work with the receivers and the courts.

It is a slim chance, but AB in particular has a lot to lose, can't see him going down without a bit of a fight.

Time is the trouble as if C&M then costs soar and the interest is still being charged.

Would expect an announcement on administrator appointment this morning.

https://hotcopper.com.au/threads/ajm-capital-raising.5693047/page-77?post_id=48281055