Thanks Camban.

First 5 Last

Share
Profile

Follow
anigav

86 Posts.

24

11/10/22

10:42

Post #: 64133399
Share

Originally posted by camban: ↑

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.

Expand

Thanks Camban.

SO4 Price at posting: 31.0¢ Sentiment: None Disclosure: Held
1 Upvote

0 Great analysis

Reply

Top Stories

GLF

Gemlife used the ASX's new IPO fast-track. Is this the start of a new cycle?

CCO

The Calmer Co FY25 revenue hits $8 million, up 86% on FY24

Listen: HotCopper Wire Podcast 016 – FY25 ended up not so bad... but Trump unpause is coming

ASX Market Close: Local bourse dips red as CBA profit takers swoop

Trump chides Powell as Goldman call for calm. The RBA must be nervous

First 5 Last

Add to My Watchlist

What is My Watchlist?

A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.

Thanks Camban.

Top Stories

Gemlife used the ASX's new IPO fast-track. Is this the start of a new cycle?

The Calmer Co FY25 revenue hits $8 million, up 86% on FY24

Listen: HotCopper Wire Podcast 016 – FY25 ended up not so bad... but Trump unpause is coming

ASX Market Close: Local bourse dips red as CBA profit takers swoop

Trump chides Powell as Goldman call for calm. The RBA must be nervous

Featured News