Ann: Trading Halt, page-9

I guess the difference with ZEN is in the very nature of the service which they offer.

NRW can move trucks, graders etc fairly easily if need be, to other projects, storage or sale.

ZEN’s power plants are far more integrated with the mill, and the overall set up would have been optimised to the Dalgaranga operation. Not quite so easy to seperate, and when you do, find another operation for which the equipment is a perfect fit. BOO suggests that ZEN have spent significant money on the Dalgaranga plant (their own or borrowed) and have hardly begun to generate revenue from it.

The apparent good news is that, for now, operations at Dalgaranga continue, so the administrators should be paying ZEN. If the problem is a miscalculation on how much gold there really is in the ground, you would have to wonder for how much longer they can push on. Does the plant get written off if operations cease?

If operations do cease, it will be interesting to see what sort of insurance ZEN have for such a contingency. Hopefully, they spell that out in the pending announcement.