It is a funny situation. The company went into ADMIN. Then...

It is a funny situation. The company went into ADMIN. Then immediately become profitable. But it stays in ADMIN.

The ADMINISTRATORS are now paid a motza to 'run' what was already running. Mind you, it does seem the original RUNNERS did a RUNNER because they could not RUN the operation.

In all this, the poor shareholders. They have essentially donated money to build an operation. The operation is 'marked' as worthless so all the investment (shareholders) are reduced to NIL. And yet the company makes a hefty cash flow, profit. Where does this cash flow, profit go. Are the creditors being slowly paid. Well, you know that answer to that: the administrators (and some ex director(s)) are being paid a hefty fee to put money in a piggy bank. Note they take their clip before they put the money in the piggy bank.

One day someone (some other big boy investor) will look at the piggy bank and offer to buy it. Well, he will buy the piggy bank and use it to pay off the creditors and the big boy investor will get the assets for FREEEEEEEEEEEEEEEEEEEE.

The sad thing is the administators benefit from keeping the company in admin as long as possible. That is, it is their financial benefit to not go out of admin. Mind you, the decision to go out of admin must be made by creditors (if the creditors cannot be paid). If the creditors are paid, are being paid, and it looks as if they will continue to be paid.... well, the company is not an 'ADMIN' type of company.

Anyway, I am sure the company cannot currently pay all its past debts. But there must be some spreadsheet somewhere that projects out into the future based on 'x' (current fin position) and 'y' POG and 'z' mine life plan.

Well POG got to 2200 PLUS. You all should just hope for 2300+. At some stage the shareholders can rise from the dead. But the problem is the shareholders are the LAST concern of ADMINISTRATORS and CREDITORS. When there is money flying around (like there is now, with AUD POG) and you are LAST in the queue, that is not so good. It is like living at the mouth of the Murray and you wonder where the heck all the river water went. And all the people upstream say 'dont look at me, I only took a little, that was due to me... your plight has nothing to do with me'.

Just think of the ADMINISTRATORS as the govt allocating the water. Think of POG as the water. Think of creditors and administrators as upstream knowing they are 'due' water. What happens to the shareholders at the mouth is of no concern to them. They are looking after mucho numo one-o.