Ann: SUSPENSION FROM OFFICIAL QUOTATION, page-14

Does anyone know whether the mine has ceased operating? What has the workforce been told?

The Administrators first task will be to trade out as a going concern possibly with a restructure - they don't have to jump to asset sales. ANZ won't get anything as a secured creditor until the Administrators give their OK, and I would bet a payment plan goes with that (all bets now off on ANZ payment dates once Administrators appointed). The business is more or less breaking even at an operating level, and if the last Management Report is to be believed, operating somewhere around $60-70 per tonne cost, having removed circa $30/tonne.

I just can't see the Big 3 shareholders just letting their money (and ours) go down the drain after the fight to get this far, and they have the resources (or access to them) to cover the ANZ Facility if they choose to. They haven't stumped up obviously, even as a loan arrangement, but why? Either they have concluded its good money after bad, or a bigger game at play between the Board, Big 3 and ANZ. Voluntary Administration does keep the cash away from ANZ and takes the pressure off repayment dates.

I will wait to see how it plays out.