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8.2¢ alita resources limited

yes, 30mil is honestly a joke and shame on Deloitte and SRK....

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13/12/19

00:49

Post #: 41944054
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Originally posted by 7seven7: ↑

As I understand the issue was with the SGX constraints rather than ASX.... it gets a mention in the VA report.

From what it states in the report from the VA, it appears as though Alita were well progressed and in the process of refinancing the Tribeca-->Galaxy debt and planned to do a CR at around the same time but Galaxy refused to extend the standstill period (for obvious reasons) so the process could not be concluded in time. Gave no other choice at this point than to call in the VA.

Not to say if Alita did manage to refinance and complete a CR that we would be in a better situation than we are now but no way it could have ended up any worse for all Alita holders (GXY and Tribeca included)... Epic and expensive fail of a hostile takeover attempt if this indeed ends up slipping through to the Chinese.

...Just keep in mind that even if we did re-finance and do a CR - it would not be looking too pretty today for us regardless with a plant in C&M, no customers and a bunch of claims from creditors post-C&M decision.

If the DoCA indeed ends in 0 for holders then I'd rather they reject it and try our luck in liquidation. At least a 6 month+ asset sale process gives time for bigger entities to do their DD and make a bid (and I'm sure they'll value the project at a lot more than $30M which is what the VA thinks it's worth in their 'analysis'!)

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yes, 30mil is honestly a joke and shame on Deloitte and SRK. just a year ago its valued at 400mil during the merger, which i highly question the ridiculously high valuation as well.
Does the rejection of DoCA mean that they (creditors) are unable to seize the collaterised assets? sorry, im not well versed in the liquidation processes.
and hopefully the other creditors call bullshit as well during the meeting and ask to drag this out, some of them are getting <40c to the dollar

A40 Price at posting: 8.2¢ Sentiment: None Disclosure: Held
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yes, 30mil is honestly a joke and shame on Deloitte and SRK....

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