Ann: Market Update, page-7

So the FC are still viable if the company is backdoored into a similar and profitable dividend paying business.

While they've "had discussions with a number of parties interested in purchasing the ASX listed shell company - ASX: REF.To date none of these discussions have resulted in an unconditional offer and the Board has now determined that there is only a limited prospect of further interested parties coming forward". Wouldn't it be interesting to know who they are?

Suspension isn't administration. If I understand correctly the shell is still there and negotiations can still continue for a backdoor listing as long as listing fees etc are paid. They've got $75k in cash and $140k held back until until July.

Not much has changed since Sept in regards the ownership

Sandon has 19.9% 18.4m
Phoenix had 6.03% 5.6m on 22/8 but sold 200k 4/9 to go under 5% and cease to be substantial. There's been 19m traded since then on market so they may be out completely by now.
Director Richard Bell still owns 19.6% 18.2m shares and
Peter Richie owns 4.9% or 4.6m

So either bail now in the fire sale or hang on through administration and see if Sandon and the directors can negotiate a deal for the shell at some time in the future.

Will depend on your circumstances but if you aren't prepared to wait you've got a month to take whatever is on offer ($0.006 at the moment). A shell should be worth 1c the FC depends on the buyer but the current MC of $550k is half the shell value in my opinion. I'll hold and watch the Directors and Sandon.

GLTA