Thanks for the clarification and yes the VA did state that a major creditor claimed that the actions of HNC were questionable in terms of intent and probity. That now is a matter of record and is in our notes taken from the meeting.
It does stand to reason that HNC, having the best legal and accounting advice available as we can see from their representatives, were in a position to ensure that they attained the best outcomes for themselves. Of course ASIC will be drawn into this at some point in time to ascertain whether the intent was pre-meditated or responsive.
Having gone through the 2nd Meeting's notes in detail. I have concluded the power to get the company back on its feet is not with the Deed Administrator but is dependent on the good will, competence and integrity of the parties.
HAR now are the miner operator/ and there are many contractors who would love to have that appointment and would be extremely competitive so I expect a 30 percent reduction in mining and operating costs to those advanced in the august presentation of over $100 US /ton (ROM).
I believe we can get some value back if the Deed Administrator can perform his job to the level we expect and that the all the parties act reasonably and responsibly.
They are big asks of course but the whole nature of the game has changed with SoG and we know exactly what rights we have and level of performance we expect when people are being paid to perform services on our behalf.
CMR Price at posting:
15.0¢ Sentiment: None Disclosure: Held
