Alas, the potash business operations & key assets (newly...

Alas, the potash business operations & key assets (newly constructed plant and trenches, ponds etc) are all assets of the other two subsidiaries, Australia Salt Lake Potash Pty Ltd and Piper Preston Pty Ltd, which are not part of this recap announcement. The creditors have effectively resolved to sell those to the Czech investor in order to recoup debt and that deal will settle regardless of any investigation, prosecution or lawsuit here.

What we’re left with is an ASX listed shell and the remaining 6 subsidiaries under it which also have a few creditors and some “prospects” as assets. I guess we will see early next month what is to happen with those, and what role if any the directors propose to play. The administrators are effectively still in control here until this matter is resolved and creditors of these remaining 6 subsidiaries are dealt with. If they get no suitable proposals they will undoubtedly move to wind up.

ASIC conducts its investigations slowly and methodically and I guess we won’t know what action if any they decide to take against directors until they take it. Likewise any shareholder action until it’s launched or there is an informal meeting on it to bring in a wider number. I think everybody’s waiting to see some numbers and the Administrators report and any smoke signals from ASIC given how harsh McVeigh was in his criticism of directors for being evasive.