My sense of where this is going is bleak. At the moment the...

My sense of where this is going is bleak. At the moment the incentive for management, being paid in shares is to let the share price keep on dropping whilst they collect the equity and deliver very little, PL could become the largest shareholder in a few months.

At some point the 'big game hunter for africa'; will have enough heads on his wall next to Tony L, Dundee resources , Sparta AG and then it will be a good time to wind it up whilst the largest shareholder can control the outcome of where the asset will end up. Not sure administration is needed, but pretty easy to ensure that one is also the largest creditor to influence that outcome also.
Likely key to this is to allow the leases to continue to be overrun to prevent a 3rd party getting interested.

Then rebirth!

Notice the phrase in the recent announcements "certain shareholders". This is likely a key clue to the mindset. Remember: Elitist leftists who disavow social media scrutiny are not using the longstanding rulebook yet are passing themselves off as businessmen, scientists. They are 'reinventing capitalism' and the shareholders/citizens are the new target.