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1.2¢ paterson resources ltd

Ann: Remediation Proposal, page-17

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Maltisani

853 Posts.

151

08/03/19

16:46

Post #: 37702333
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Originally posted by BernardF: ↑

Hey2, I did not infer the mess has been unscrambled but as we both agree it is good start The likelihood that the new Board once duly appointed may have to appoint administrators to avoid personal liability under the Corps Act 2001 for insolvent trading is still very high in my opinion and may be all over by say 30 June anyway. As for the consultancy fees it is the hourly rates that gouge cashflow, the directors fees are reasonable. But as you say if they add value then there is no issue. It will be a massive effort to continue trading and actually start some drilling on the quality assets they have or JV and or dispose of some of them. Good luck to all we are going to need it, cheers BernardF

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Hey mate there will be no issues wrt trading while insolvent. Part of the remediation plan is the reversal of the Blumenthal transactions which will put $1M + straight into the bank account.

HDY Price at posting: 0.4¢ Sentiment: None Disclosure: Held
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