Ann: Effectuation of Deed of Company Arrangement, page-148

Mate the there was a reason that AJM couldn’t secure a loan early and that is because they kept not repaying loans, hence the insolvency. The reason PLS could put together a deal so quick was because AJM were in trouble for a while, everyone could see it coming including Ken who said in a presentation (I think the RRS one) that they had planned for a while for if the ALO asset became available. AJMs own directors and plans for voluntary administration. I’m sure the rest of the industry were looking too but in the end it wasn’t worth outbidding PLS as there location could unlock synergies that weren’t available to others as well as the sterilised ground. That seems very black and white.
I hope that there’s another asset somewhere they have up their sleeves that they can take to market so you guys can get some value back. I think it will be difficult to begin with to secure funding tho due to the bad credit history.