Not sure why anyone would vote for CE to get control of A40. It's the absolute worst case scenario. I posted Mcgrath Nichols' details on here a couple of times urging people to contact them so they would be informed before voting.
Some people still seem to think Alita will be recapitalised and relisted. With very little cash left after we get lumped paying someone else's tax bill, A40 will distribute any spare cash to holders and be wound up. That's been the plan since MIN first lodged a bid, the only difference is that now shareholders don't get to share in the $100m distribution but will be lucky if there is any cash left over after the ATO settlement and other expenses.
Retaining the liquidators was the only hope for A40 shareholders as they were to undertake a forensic examination of the accounts since being put into administration a few years ago, with the intention of untangling the mess and outlining who was and currently is responsible for everything that has happened. It meant the process would've dragged on, but now all investigation has effectively been killed off and any chance of recovering anything substantial for shareholders with it.
We are back to where we were when Austroid took control originally in effect as we won't get a return out of this without the liquidator able to investigate the going-ons.
A40 Price at posting:
8.2¢ Sentiment: None Disclosure: Held
