jj0007, thats correct. Europe and UK are financially separated...

jj0007, thats correct. Europe and UK are financially separated from ANZA. Whilst Paperlinx will not get any money from the sale of Europe or UK assets, it will not be called upon to pay out any money either.
Paperlinx has now lost control of the Europe and UK business and now administrators will try to do their best for creditors.
The money from the Canadian Spicers sale of C$63 million would have gone to Paperlinx ANZA head office first, and it would be unusual to see this any of this money go to Europe and UK in this short time frame.
I'd imagine most of the money is still at Head office. The company may be embarrassed to announce this at the present time due to the fact that so many people have lost jobs in Europe and UK businesses.
Paperlinx ANZA will need to keep customers onside as I'm sure many customers and suppliers will be unnerved by the current problems in Europe and UK. However Paperlinx ANZA has run a good operation up until now and its doubtful if any customers would spit the dummy just because some HC posters think they should. Paperlinx ANZA will need to reassure their customers that it is business as usual.
Once the dust settles and Paperlinx ANZA continues to be profitable to the tune of AUD$15 million pa, then the company will be re-rated and the share price should be a lot higher that now. I'd think 50c is not unreasonable.