I also spoke with her today and will likely jump on board too. My main issues are: A. How much do we need to raise to pay out creditors and allow shareholders to retain 80%? We also need to pay the Administrator...$20m?? Who is fronting up with that much? B. Will ASOF simply be able to say NO or is it entirely up to the Administrator? C. If we are successful and end up with the equity...then what? We are still faced with the same issue we had before. Sure there would be a reduction in operating costs but it will still cost us a few million a year. Therefore a rapid income stream would need to be secured. Given NO product ready for sale (MAUL will be it) then there will be a significant period where we will need to sustain the company. Having said that I guess we'd own the I.P. and could then on-sell....but I have no idea how that would work or what structure the company board would be. D. If we don't raise the funds and ASOF are the only other offer, then I dare say they will pay out the creditors and then maybe $1 more for the company....why would they pay more? I am assuming the administrator will opt for whichever option ensures the creditors get paid in full. ASOF can then self fund production in their own time frame. E. Which staff would we retain to enable initial low rate production and sales?
Not trying to be a wet blanket (I'm likely to front up some cash) but I simply think ASOF hold all of the money and cards. If we can keep it going a little longer then maybe a QLD billionaire or govt funding could be sorted....maybe..... But I really think we are screwed. At the end of the day $115m spent with NO products....and now a group of shareholders will band together to achieve what the company couldn't?? Well good luck to all of us.
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