rathmore, so far it has progressed very quickly for a non-trading administration.
At present, the maximum the unsecured creditors can get is estimated at 20c in the $. As they need to be paid out in full before the shareholders get anything, it means that the shareholders get a tax write off.
If the administrator could find a Deed of Company Arrangement (DOCA) that would inject an additional $40m into the administration then the unsecured creditors would be paid in full. Anything over $40m and there might be a surplus for the shareholders. With 209m shares on issue, every $2m over the $40m would give you a one cent per share return.
Who are ARF? Don't remember them from when I held, but they are one of the parties putting together a DOCA, and are owed $35m as an unsecured creditor. So if, for example, they put in a bid for the company which was, say, $50m more than the admins. can get now, they would get $35m back as a payment to unsecured creditors, and the shareholders should get 5c/share.
AAS
AED
AKW
ARJ
BHG
BIC
CFY
CNC
CNH
CNR
CPK
CPN
EIM
FGF
GIA
GRP
HWE
HZL
ION
IPA
MAE
MCO
MYA
NER
BGC
NLG
ONL
PTN
QMG
RLG
SNR
SRA
STI
OAR
LGR
VGP
VIP
ZHE
Ann: ASX Market Release - Suspension , page-37
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