Some additional comments:
Comment 1: I understand the Receiver’s duty is to look after the interests of secure creditors and the Administrators look after the other creditors. But who is looking after the interest of shareholders? Is it the Board? While shareholders come last in the distribution of any assets in a liquidation, this is different. It is not a liquidation it is a recapitalisation. Somebody should be advocating for shareholders to have the opportunity to participate in the capital raising.
Comment 2: A rational investor would want to spread the risk of the recapitalisation by inviting existing shareholders to contribute. This demonstrates the secured creditors are very confident they will recover their money.
Comment 3: What is stopping the Secured Creditors from liquidating NewCo in a few years after the grower trees have increased in value and growers have been paying their grower fees?
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Some additional comments: Comment 1: I understand the Receiver’s...
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STRATEGIC ENERGY RESOURCES LIMITED
David DeTata, Managing Director
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