NML
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0.00% 1.9¢ navarre minerals limited

GCY’s VA experience is encouraging. The company returned to...

  1. DISCIPULA
    217 Posts.
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    19/06/23
    21:59
    Post #: 68366741

    GCY’s VA experience is encouraging. The company returned to trading in a much better shape after 16 months in VA.


    3 June 2019 FTI Consulting appointed Voluntary Administrators to Gascoyne Resources Limited (ASX: GCY) and related entities.

    18 June 2020 Gascoyne Resources’ Voluntary Administrators Recommend DOCA Proposal as part of a Recapitalisation and Relisting plan

    25 June 2020 Creditors Vote to Approve Gascoyne DOCA proposal

    26 June 2020 Deed of Company Arrangement Executed

    2 July 2020 Senior Lenders Confirm Support for Gascoyne DOCA proposal

    17 August 2020 Successful Completion of Placement and Accelerated Institutional Component of A$85 million Equity Raising

    21 October 2020 Gascoyne Resources Reinstatement to the ASX


    We can only hope NML follows the same path. Given that EVN is not only the largest creditor but also the biggest shareholder, I cannot imagine EVN could do better by fire-selling the assets than helping NML get over the line.

    NML Price at posting: 1.9¢ Sentiment: None Disclosure: Held
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