utter carnage, page-31

Well, the deal proposed would mean that there would be no debt owing on that acquisition. The paying off of this would also see a further capital injection at a premium to the current SP.

Sure the assets may have their book values written down but as far as I can tell there would be no debt owing on the $10 billion Scarborough assets.

Last year Valad said the acquisition would boost the company's market capitalisation, based on the issue price, to almost $A2.8 billion. The market cap is now $75 million, that is some discount for a write down in book value.