i think so yes, for the record i wrote off my PLV investment when they announced the $80M CR, they only got $47.5M and more than half of that was debt to equity, a large converter was Watpac who now own over 5% of PLV and hence are a major holder of PLV and our miner who definitely want this to go on as long as they going to get paid.. what other mining job will they get? the one at centrelink!
the biggest fish here is of course GNR they pumped $22M in on that 1c CR, if only mgmt found them prior to the (add adjective) WISE crew we would have been in a far better place today, but alas them the breaks.. add in the buffoonry of the previous mgmt(s) in general and what hope did we shareholders have?
GNR as first secured creditor has most of their money in equity so they want PLV to go on as they are essentially PLV.. GNR guaranteeing Rizhao's debt is a massive tick and shows their continual support, Rizhao removing the pre-sales and taking a haircut on the debt owed is also positive so i think we are better than 50/50 to relist one day (Rizhao receivership has been stood down), i do think we will remain under GNR receivership until the whole WISE issue is ended in some way.. (GNR have put WISE in receivership) we have buckleys of getting the money ($21M) owed by WISE its all about getting the 50% JV back via the courts..
In the end this is all academic, its only if shareholders will one day get some coins back on their investment or not.. also will be interesting to see who mgmt go after for damages on this latest sorry saga..
WTP Price at posting:
78.5¢ Sentiment: None Disclosure: Unspecified
PLV Price at posting:
3.4¢ Sentiment: Hold Disclosure: Held
