Apparently the Administrators are in the process of obtaining a...

Apparently the Administrators are in the process of obtaining a valuation of the SR kaolin plant . Given that Hall Chadwick made their over inflated valuation based on the data given to them by Alexander should not the new valuation take into account the REAL asset value of the plant and equipment . Kaolin plant is a rare commodity in that there are only a handfull of manufacturers globally who manufacture the specialized equipment inter alia calcining , magnetic separators , filters , centrifuges . These were originally sourced and overpaid for by MSCs SRK predecessor in bankruptcy Australian Kaolin which went down the tubes for over $ 100 M .. so combined the SR fiasco has duded investors and banks of over $ 350 M.
The sale of the asset to MSC was made at about $10 M by Dresdner Bank the last bank to tale a haircut on SR . Alexander toted this deal as the big company maker ... another dud asset to spruik and con the market with.
The valuation today needs to take into account the salvage cost of the plant and site recovery in the corroding crocodile tropical black hole .