Yep, but the spin off might be just spin after looking into who's made the offer, all the earmarks of a spin doctor. Let's hope there is substance behind the offer and ability to execute.
I would not be surprised if Marshall is trying to raise money to support his offer after the fact. Did the board of ANW do any reasonable DD on this guy? Proof of funds?? We shall see in due course no doubt.
At least ANW and Marshall can blame the beer virus if the funds offered do not materialise now that most funders have pulled their heads in and of course what a bad time to IPO, best to wait till next year, right?
I think it is unlikely (but not impossible) that ANW will wind up, when for the sake of compliance costs, accounting and auditing fees, ANW can just can sit there like a stale bottle of piss until the Tin price is up 30% to 40% and the economics attract fresh funding.
Of course key staff and the CEO would be let go and Larry, Curley and Moe, I mean, Nick, Brian and Karl will just chock up their accruals for holding onto their titles, not for completing any work of course.
Should the offer from Marshall not materialise, DGR may just drip feed some dollars in every month to ensure ANW is not technically insolvent, and we can look forward to doing all this again next year after being diluted by a further 60% odd thanks to the LIND debt and accruals of the office bearers that will be likely converted to shares at the same discount as LIND and at this bottom basement (shell only) valuation.
That's probably the best case scenario, worst case is there is collusion amongst certain parties and ANW does wind up and the assets go to another new or known entity for the benefit of......... well not us.
The details behind any debt provided going forward and parfticuarly the terms and conditions around the security offered for that debt should be very telling. Only then will we know if the assets of ANW are being exposed to a potential transaction where said assets can easily be lost or if there is a genuine effort to re-establish the company's assets to have a chance of being a successful miner / producer. (yet that just seems like a pipe dream now). I think with the eyes on ANW these days, collusion and subdiffusion to strip out the assets is very unlikely, it woulds have to be one very clever or a very clever series of manoeuvres, if ANW lost its assets, it would be more likely be due to incompetence.
Which ever way this goes, I'd be surprised if the Board (rightly or wrongly) didn't throw Peter under the bus or under the broken down excavator in the near future, at least to lighten the balance sheet or Peter just resigns, surly he has to be considering this.
I would not be surprised if Peter had one or both arms tied behind his back much of the time when undertaking the CEO role, particularly considering the interesting personalities on the board of ANW. If Peter was to depart, the Board would probably use that event to relaunch the company, "look at us", we did the right thing and replaced the CEO, assuming they can get a new one, and pay for him or her of course.
Anyway, that's enough conjecture for today
M
Some details on Ten Mining Pty Ltd
ASIC Current + Historical Company Extract 637284818
NOTE: This extract contains information derived from the AustralianNOTE: Securities and Investment Commission's (ASIC) database underNOTE: section 1274A of the Corporations Act 2001.NOTE: Please advise ASIC of any error or omission which you may identify.
637284818 TEN MINING PTY LTD
ACN : 637284818
Registered in : Victoria Registration Date : 06/11/2019 ACN/ABN : 15637284818 Review Date : 06/11/2020
Current Organisation Details
Name : TEN MINING PTY LTD Name Start : 06/11/2019 Status : Registered
Start Date : 06/11/2019
Type : Australian Proprietary Company Class : Limited by Shares
Subclass : Proprietary Company Disclosing Entity : N
Company Address
Type : Current Registered Office
Start Date : 06/11/2019
Address : PITCHER PARTNERS LEVEL 13 664 COLLINS STREET DOCKLANDS VIC 3008
Type : Current Principal Place of Business
Start Date : 06/11/2019
Address : LEVEL 13 664 COLLINS STREET DOCKLANDS VIC 3008
Company Office Holder
Type : Current Director
Appointment Date : 06/11/2019
Officer Name : MCKENDRICK TRENT MARSHALL
Born : 27/09/1984 EAST MELBOURNE VIC
Address : UNIT 74 1-29 ALBERT ROAD MELBOURNE VIC 3004
Type : Current Secretary
Appointment Date : 06/11/2019
Officer Name : MCKENDRICK TRENT MARSHALL
Born : 27/09/1984 EAST MELBOURNE VIC
Address : UNIT 74 1-29 ALBERT ROAD MELBOURNE VIC 3004
Information extracted from A.S.I.C. database at 14:16 05/03/2020
(20min delay)