update, page-17

I agree Eagle. Baraka and Alpha, Thanks for the replies, but I just don't see the motivation to realise the best possible price (or not to sell in the current depressed market) for the assets, nor how the company is sheltered, and what from? The assets are worth heaps more than the debt, so why not just take whatever you can get for them now and perhaps use that money in a less risky venture? Why tie your money up for 2 or 3 years? Why not just lend Copperco the money to keep going if it’s so valuable?

I don't think there is anything necessarily sinister in the deferment of the next creditors meeting. I simply note that it allows progress without any formal feedback, no matter how little they choose to give away.

I disagree that no amount of ASIC / Class action activity is going to change the timing for this. At the very least it will keep everyone on their toes. And the poor treatment of shareholders you refer to strengthens my resolve to defend my interests even more vigorously.

If the financial position of the company was in such good order, why haven’t all the Minsec security holders been paid yet? And in my opinion the financial misrepresentations or if one was generous, lack of due diligence (did they forget to ask their financier?) included statements made in the last few presentations that a merger with Minsec would actually strengthen the prospects for financing.

While I’m at it previous posts have suggested that the directors wouldn’t want this on their resume. It doesn’t seem to be doing Keith Liddell any harm as he given a promotion in a financing arrangement similar to one he couldn’t pull off for Platmin’s second largest shareholder Copperco. Oh – and some special law means that one can go through without the need for a shareholder vote. Lucky, because I can’t imagine promoting someone that put you into receivership………..hmmmm.