Ann: Appointment of Receivers & Managers, page-13

Its actually worse than administration.

Administratiors try and save the whole company. Adminos might even have done some of those changes we all wanted (if they were called in 3-6 months ago)

The situation here is:
1V is owed $10M. They want it back right now. So they apppoint a Receiver who can legally can do whatever they want to get it back.

Think of them as 1V's repo men.

To quote the announcement "The effect of the appointment is that the Receivers are now in control of the whole of LVT’s assets,undertakings and operations." The stuff about normal operations of the subs is because they took secuirty over the top-co which controls all the subs, so they dont need to break the subs up (yet) though they state they have that power in the future.

They are going to quickly run a fire sale process for parts or whole of the business and get as close to $10M as they can, and take that offer immedeiatly.

They aren't gonna argue for a higher value so shareholders get anything. I think the offers won't clear $10M anyway. Maybe at best 1V can get some debt repaid and have some of the debt convert into equity in the buyer...

Either way Its going to move very quickly from here. Additional lay-offs will probably start next week, expect Korda to have a flyer out to local tech PE players in Jan, open to all offers. Targets will be Potentia, FiveV, Pemba, Anchorage and absorbing them into a portfolio company