Is ASIC is the real problem here, not AZZ?, page-66

Realistically our best hope is for a JV - under a valuation range of $88M - $122M US as per the above post - say $100M as the midpoint.

We know that AZZ has $48M AUD worth of convertible notes due

So there are 2 options:
1. JV in which partner provides $48M AUD ($35M US) - for a 35% stake in the company.
Assuming fair value - this would equate to
65% x $100M US = $65M USD or $93M AUD/240m shares = $0.38 share price

2. More likely (because of AZZ's distressed financial position) - JV partner provides capital injection of $48M AUD at $0.30 per share from issue of 160m shares therby obtaining an ownership stake of 160/(240+160) = 40%.
Share price based on $100M = $100M/ 400 shares = $0.25 share price

The JV partner knows they have AZZ begging for mercy and would offer us the worst terms possible.

The question is why did the Directors not explore this option at end of November when the buyer of 'the deal' requested an extension - we would have had much better bargaining ability.

I'd take option 2 at this stage - lets hope the Directors don't play hard ball and land us with nothing - there can't be more than 14 days till we out of cash now