DR has got six months to find interested parties to recapitalise and propose a DOCA to the creditors, which would yield a better than a sale.
Given the mine is in care and maintainance, I don't expect offers to be greater than $20M and I expect we received opportunistic bids of that magnitude over the past four weeks. These would have been unacceptable to the creditors and therefore supported the six-month extension.
I see a best-case scenario where we have 3-4bn shares in issue with hedge and debt repaid (assuming DR can find investors). The mine can be profitable without those impediments.
Something similar occured to Gascoyne Resources. Link to the creditors report: https://www.fticonsulting.com/-/media/files/apac-files/creditors-portal/cip-public/gascoyne-resources-ltd-and-subsidiaries/gascoyne-resources---administrators-s75-225-report-to-creditors--18-june-2020.pdf
- Forums
- ASX - By Stock
- CAI
- Ann: Update from Receivers and Managers
Ann: Update from Receivers and Managers, page-125
-
- There are more pages in this discussion • 3 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Add CAI (ASX) to my watchlist
|
|||||
Last
11.5¢ |
Change
0.000(0.00%) |
Mkt cap ! $93.67M |
Open | High | Low | Value | Volume |
0.0¢ | 0.0¢ | 0.0¢ | $0 | 0 |
Featured News
CAI (ASX) Chart |
Day chart unavailable