Ann: Appointment of Voluntary Administrators, page-214

Recap vs fire sale: fight brews at Altura Mining
Altura Mining has not thrown in the towel on its $150 million recapitalisation proposal just yet.Battery metals play Altura Mining hasn't given up on its recapitalisation proposal. Despite Altura's lenders backing Pilbara Minerals' play to buy it with a $230 million equity raising, it is understood the embattled lithium play is still pursuing a recapitalisation proposal with help from Azure Capital and Canaccord Genuity.Sources said Azure and Canaccord fired off a letter to Altura's receivers and administrators – KordaMentha and Cor Cordis – on Wednesday afternoon, saying the pair had almost finalised the details of Altura's recap transaction.It is understood the pair said they expected to have the proposal tied up by close of business on Wednesday. Importantly, the proposal would see Altura's secured lenders paid back in full.Azure and Canaccord also pointed out to KordaMentha and Cor Cordis that a recapitalisation would see some value preserved for Altura's 13,000-odd shareholders and its unsecured creditors.
In contrast, the Pilbara Minerals proposal would probably see the lithium player pick up Altura on the cheap, only paying the secured debt value to snare the entire company and leaving shareholders out in the cold.Pilbara's play at Altura is being bankrolled by the country's largest superannuation and pension fund AustralianSuper and resource sector private equity fund RCF, as revealed by this column on Wednesday morning.It had Macquarie Capital at hand to help it stitch together the equity raising.In any case, Wednesday afternoon will be a crucial few hours for Altura's fate and KordaMentha and Cor Cordis – which only got appointed to the situation in the past 48 hours – were at the centre of the tug-of-war.