Ann: Heron Resources enters Voluntary Administration, page-21

HRR is in the hands of FTI Consulting as voluntary administrators. Their main duty is to return money to all the company’s creditors (Shareholders by definition are not Creditors). The shareholders will only get paid any return on their shares in an insolvent liquidation after all creditors get paid in full. i.e. no chance of that happening here as shareholders are last in line to the scraps. If shareholders also have a claim as a creditor, then they may receive a payment as a creditor (separate from any return on shares).

https://asic.gov.au/regulatory-resources/insolvency/insolvency-for-investors-and-shareholders/

Woodlawn is now a firesale. It will be a lucky company that ends up with Woodlawn for cents to the dollar.

I've invested in a few of these assets plays over the years. They were very profitable and still is. OZL and NST comes to mind as they are still in the portfolio.
- Pasminco assets came into the hands of Zenifex (now called Oz Minerals after the Oxiana merger)
- SOG (Sons of Gwalia) assets came into the hands of SBM and SAR (SAR is now part of Northern Star)

I still believe in Woodlawn, it is a good asset. We've all seen the Final FS, the Resource/Reserves, Plant Design, Nameplate and Capacity etc... On paper it looks good and another month or two of commissioning without a blatantly hostile build contractor would have done it.

HRR was not the right fit for this asset because those involved lacked the experience. Dennis, Taylor, Hearn we know who they are but in the right hands it will be a different story.

I pulled out of HRR like I pull out a Bandaid during Covid March madness last year. It hurt and still hurts but I'm buying whoever ends up with Woodlawn after this FUBAR situation...after doing my DD of course.