Looks like everything will now depend on a buyer who is willing to offer a decent price if the equity holders want to have something left from their investment:
http://www.judgments.fedcourt.gov.au/judgments/Judgments/fca/single/2016/2016fca1279
The fundamentals however appear to have changed very little:
Net debt financial went down from 54,7 million at 31/12/2015 and now (22 september) stands at "approximately" 47 million..
The revenues are about 6 million a month (a little lower due the loss of some water well contracts), meaning not very much has changed as well over the last 11 months.
And as R21 pointed out, it indeed appears they are still recruiting. As recently as today I saw them hiring for a new contract.
There is an interesting lesson to be learnt here.
Althought the company had a long history of working with the same bank, you will never know when a bank will pull your credit line and have you at the mercy of a decent takeover bid.
And the debt owned to suppliers (trade creditors) is just 7 million, which does not comply with some of the rumours here on the board. Never trust a message board I guess..
One thing I did find very strange. Where did they get the 19 million tax debt from.. The AR mentions nothing about it. Would it be excess depreciation on some of the rigs which becomes a deferred tax liability? Or are these things that don't show up on the annual report or income statement like GST?
Still wonder what the plan is, since Vantage Performance brought in the voluntary administrators. Sell the whole business (as it appears in the filings) or sell some parts of the business to lower debt and hope the company can recover. The recent surge in coal prices should lift demand for their rigs and increased overburden removal, but will that be enough?
Hoping for the best but fearing the worst here..
