over and out !, page-16

I agree. It's certainly a possibilty. But management buying is different to a major (and independent) shareholder buying. Especially when that holder has bailed us out in the most recent cr/placement. So the have history.

No doubt we will take a haircut when it relists.

But KGL isn't in administration. Its subsiduary is. Not sure how much money KGL has or how much the subsiduary needs. But KGL is protected by the corporate structure.

But it becomes very hard to value KGL. Murchison would have large impairment. Don't think you could recoup costs. Jervois is long term and we cant raise capex. Andash on permanent hold.

Whoever "saves" us will cause a sp fall. A sale of only producing asset isn't the solution even if loss making. Debt looks difficult. So best outcome is a discounted placement.