Ann: Detailed Restructuring Agreements Update, page-3

it would seem to me that our plight is in the hands of some interesting people:

1. I'm not sure what McGlinn might do or is doing re salvaging anything of value of his shareholding in X64 ... I think his holding too is in the 'retail' scale. He has been involved to date because he was facing criminal allegations ... he's now clear so maybe he too is retreating from the battle front;

2. Mahusey's victory in court was 'an aside'. The conclusion that the transfer was legitimate was asserted during a related criminal trial. At best, Mahusey has been vindicated as the major shareholder and controlling holder of Philisaga. But the Filipino's move in mysterious ways ... I think by way of a vote he too was banned from entering the site or nearing the administration office.If I recall he too was shown some guns and how they might be used to forcibly make people retreat. Short version : no doubt Villenuave has his 'troops' on guard preventing Mahusey. He too will need force and Im not sure wh is going to fund that.

3. Seemingly Villenauave remains as 'el Presidento' earning I think US#400k for his trouble. Apparently, McGlinn's termination of Raul was revoked by the current esteemed leaders. Interestingly there was not termination clause identified in the remuneration report. Moreover, I'm not sure who actual employs Raul (X64? Philisaga?) but I doubt he is going to terminate himself from this very well paid position.

4. The Administrators haven't and are unlikely to recognise Mahusey because he's not their employer, aka, Welker. And although the 'detailed restructuring agreement' requires an 'acceptable resolution of shareholding dispute', the Administrators are declaring the shareholding irrelevant. Moreover, the shareholding dispute resolution must be acceptable to Komo which I think has Welker and Raul on the board. Hmmmm... not sure how they are going to sort that one out? Gotta be a conflict of interest in theer somewhere...

In short, I'm not sure who is going to fight the fight. Welker will get value ex Komo post restructure and so really doesn't need the listed entity; McGlinn certainly less motivated; I think the Deed of arrangement has become hopelessly frustrated other than to say I think all of the creditors claims will have been settled. But until further notice, the administrator gets paid and teh directors hide under his frock in terms of their fiduciary duties. Mary of Mondano who I think was part of McGlinns original plan (... wasn't she too appointed to the Phlsaga board with Mahusey??? ..) hopefully she does progress her battle because my sense is that Raul hadn't been passing the royalties through ... the water was easily "muddy'd" when Komo withheld a gold royalty payment circa Feb 2023. On this basis, Mondano clan have a valid claim

My view is that possibly ASIC should intervene on the basis that the Administrator has not nor cannot concluded the Deed of Arrangement in which case that condition ought to be waived and control returned to X64. I think , within the glare of accountability, resolution of Philsage control might be better explored. The art is to get ASIC involved. I'm sure there are some ethical standards around to hold Administrators to efficient behaviour

have a great day

ps where's @princess???