As little as 7 months ago this company was sitting on a market cap ~$250M with Li sentiment not really any better than it is now.
No way Bald Hill is worth the $30M that Korda have as their estimate to 'help' the creditors. I think the fact that GXY and Liatam went after it says that in itself.
Why have KM not attempted a CR and re-financing of the debt, or just a massively dilutive CR? similar to what A40 were trying to do when GXY didn't want to extend the standstill? It looks like net of the stockpile (asssiming it is sold off), $50M raised would have been more than enough to get the plant mothballed, outstanding bills paid, etc. We could have skipped the whole creditor process and kept A40 trading as a company with an inactive mine. The DOCA in it's current form (where 100% of shares are transferred) should be the absolute last resort, not the recommended option... Even a situation where we raised at 2-3 cents would be a better outcome than this DOCA.
The creditors have shown their hands now at what they'd be willing to accept so they can be paid out for pennies on the dollar by A40 too.
Ideal if we as shareholders can push back on the DOCA and go for liquidation. Worst case we get 0 which is no different to now. Best case we get a decent offer and get a few cents per share back. I'd trust that an investment bank could get a hell of a lot more than $30M for Bald Hill and a proper sales process will give the larger companies time to go through their DD process rather than what's happened here with 1 or 2 months rushed DOCA-seeking process run by KM who's only goal is to get creditors to accept the minimum so KM can wrap it up cleanly and be paid.
Unfortunately I think it's now probably too late for the CR/refinancing route... liquidation is our best chance imo.
Aside from this, is anyone currently coordinating a class-action against the directors, etc?
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