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01/05/23

09:58

Post #: 67538593
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Originally posted by 61289439: ↑

Thanks mate. I was fortunate enough to speak with Daniel Walley. He has expressed his interest in trying to keep shareholders informed. He will be posting answers to some of the current questions we are all asking. He said it is okay to post here what we talked about and moving forward he will keep the PWC portal active in regards to updates

Below are the notes.

Finran Offer
He says he is locked into a process. There isn't a way for him to accept an offer and walk away. It is governed by the corporations act.Finran offer is still on the table for now.

Creditors
There has to be a first and second meeting of creditors. He says there is no way around that.The first creditor meeting must be held within 8 days. The second one is within 6 weeks, but the second one can be brought forward to any time at the discretion of the administrator.I voiced concern of creditors voting with interested parties having over 56% of the debt based on Aaron Lees affidavit.Daniel said he is aware of the concern of current creditors potentially affecting the vote of which offer will be taken. The administrator makes recommendations as to what he thinks is suitable, but creditors have final say on which offer is accepted.He did say it would be pointless for a proposal to be offered where the next day EGM is held and new BOD is elected.Deal structures can be put in place to diffuse the risk.He is looking for a deal that keeps the company as a publicly listed company

EGM
Still to go ahead. Not concerned with the cost of it. He's just not sure if it would be before or after the second creditor meeting. He needs to take into account what offers are in front of him and how having an EGM and voting a different BOD how it may affect those deals. He will be trying to put out an announcement by tomorrow (Monday) night.

Deals
There are several offers on the table at the moment. He needs to focus on what will bring the company back into solvency and can potentially then show it can remain in solvency for the next 12 months. He is still waiting to see if more offers come in.

Investigations
He does have a "Light" investigation role - reporting to creditors and shareholders. Maximum of 6 weeks as it must be presented by the second creditors meeting.

Subsidiaries
Forensic accountants still trawling. They are fairly confident they can trace where funds have been moved to.PWC has put in some controls over cash. They are exercising a level of review and control over the subsidiaries.He said things become clearer within a week or so.I have emailed him a list of commonly asked questions. He will hopefully post these with answers in the next few days.

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Excellent work by 612. we need you to follow up and give shareholders frequent updates.

IOU Price at posting: 4.1¢ Sentiment: Hold Disclosure: Held
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