New Emeral Coal the asset announced as being acquired by PZC is...

New Emeral Coal the asset announced as being acquired by PZC is as of 21 May 2018 now in administration. It looks like the $1,068,915 loan by approved by the PZC Board of Directors to NEC has further doubt thrown over it, about the ability for PZC to recoup its funds. Some may say, the funds have gone up in smoke.

After writing off $1,052,915 in the companies half yearly accounts, the company releases a further $16,000 from its scarce cash balance during the March Quarter. Seriously, what the heck is going on... Clearly, not even PZC bank account was enough to stop NEC demise.

I will add one comment though... given as far as I am aware NEC is not in production. Yes, there's a contract between both companies. How much could it possibly owe Gladstone Ports Corporation?