So if we have the recapitalisation "the Board of Directors...will probably be replaced in their entirety " and if the "recapitalisation steps fail then CityView will likely be placed in Voluntary Administration."
So either way they just walk away, leaving most shareholders and ex-shareholders behind with nothing, and no detailed explanation is required on the tens of millions of dollars of shareholders money that has just disappeared or whose pockets it ended up in. All they have to say is it has "been fully written down in the accounts of CityView".
Geez I wish when I was accounting for my salary in my tax return I could just impair the full value in my accounts and say "nothing to see here!".
It is "not in the best interest of creditors or shareholders to allow this to happen at this juncture."
Perhaps that should read
"It was not in the best interest of shareholders for CityView to happen."
CVI Price at posting:
0.3¢ Sentiment: None Disclosure: Held
