The shareholders wait for the KM report into the circumstances of the collapse, we know very little apart from the financial results ending Dec 31 where they supposedly had $300m in cash and $2.4b in debt and were continuing with the much touted 'strategic review' and supposedly holding talks with the lenders.
Next thing we know the GSO deal is announced, 5 weeks later it's rejected by the lenders and put in administration and shareholders find out GSO is owed $113m with Molycop as security. The behavior by the Board appears evasive, deceptive and at some point may be shown to be illegal.
Just goes to show money doesn't buy you honesty or integrity, in Arrium maangement's case it's done exactly the opposite.
ARI Price at posting:
2.2¢ Sentiment: Hold Disclosure: Held
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