As I said on many occasions: I would not touch this stock with...

As I said on many occasions: I would not touch this stock with the proverbial 10 foot barge pole.

What a traversty !!!!

"Sons of Gwalia goes into administration

From the Australian Financial Review
Monday, August 30, 2004
http://afr.com/articles/2004/08/30/1093717888857.html

By the Australian Associated Press

Perth-based tantalum and gold company Sons of Gwalia said today it had appointed voluntary administrators after failing to get its creditors to agree to a standstill agreement.

Sons of Gwalia said the appointment of Andrew Love, Garry Trevor, and Darren Weaver of Ferrier Hodgson as administrators preceded the announcement of a foreshadowed review of the company's operations.

The review of the operations found a serious deterioration in the company's gold reserves and resources that raised questions about its ability to meet its hedge book commitments.

"The company was advised that the position would constitute an event of material adverse change under the counterparty agreements," Sons of Gwalia said.

"The company proposed a standstill agreement with all creditor counterparties to allow an orderly reorganisation of its affairs."

However, on Saturday, the company was advised that it was not possible to obtain unanimous support for the proposals.

As such, directors met yesterday and took the view, after taking appropriate advice, there was no alternative but to put the company into voluntary administration on the basis that the company was likely to become insolvent. "