Supplementary report to creditors of the remaining entities (i.e. the ones whose assets were not sold to the Polish buyer) has now been distributed. Available here:
https://assets.kpmg/content/dam/kpmg/au/pdf/creditors/salt-lake-potash/salt-lake-potash-supplementary-second-report-creditors-24-november-2022.pdf
It paints a bleak picture of what remains. Creditors of these remaining entities will meet on Friday (Dec 2) and decide whether to accept a Deed of Company Arrangement proposal (currently incomplete but likely to be finalised and communicated in coming days). This has been received from an entity controlled by Ian Middlemas.
This is Arredo (interestingly also featured in the Paradise Papers offshore tax haven leaks):
Creditors might simply opt to wind up the remaining companies rather than approve the DOCA. The cost of the windup will likely be weighed against whatever Middlemas is proposing.
It also appears from the report that a bid for one of the tenement assets (perhaps the one referenced above from @Jakjazz) was not accepted because it was part of a parcel of two and could not easily be carved off from the other related tenement.
It seems that ASIC have been looking at this situation because the report discloses that Middlemas supplied a statement to ASIC in relation to solvency denying criticisms made by Dermot McVeigh (the Special Purpose Administrator).
Details of the Middlemas DOCA should be available in coming days as the Creditors cannot vote on it on Friday until it has been finalised and distributed. Likely to be of little benefit to us shareholders as he undoubtedly doesn’t give a toss.
