Giddy,Further to your question "What will ASOF really do if...

Giddy,

Further to your question "What will ASOF really do if shareholders tell them where to go?". I am assuming that you mean that if the resolution to issue the shares is voted down. Lets just look at this on a purely black and white basis. It is safe to assume that item one on the resolutions at the EGM would be the ratification of the issue of the shares to ASOF. The subsequent items would be the appointment of the new directors. If resolution one the issue of the shares is voted down, then items two plus on the agenda would then be in jeopardy. The existing shareholders could also elect not vote the Directors in or the worse case scenario would be if the whole Board resigned on the spot, given that they would not have any major shareholder groups support. If this were to happen, then that there would be no directors left to appoint any new directors that would be available to stand. In normal circumstances a full examination of the Memo of Articles may have some address if this event were to occur. However, irrespective in this case these events would trigger an automatic reversion to Administration, whether the Shareholders or ASOF wanted it or not. It would then be up to the sole discretion of the Administrator if he appoints a liquidator, he could do this on the basis that any further DOCA would fail.

As regards your point about the tax losses, this had been raised before as to having a value to those interested in MST. Generally due to the stringent nature on claiming these, such as what type of losses are they Capital losses etc, satisfying the continuing business test, the inability to group for tax consolidation etc. This along with the basic assumption that the Company is going to make sufficient profits in a reasonable time to use the losses, means that generally anyone looking at a company in Administration will give no value to the tax losses. This is along with the usual horrendous expense of professional tax advice. It is possible to buy a company from an administrator or liquidator with tax losses in it however, as I said the question is can you use them? Generally the answer is no.

Personally, I an still sticking to my theory that the real bounty is a clean corporate shell, after the IP is sold or transferred.

Remember the above are my thoughts only and any party considering any action should consult their legal, taxation and professional advisors