Voluntary or Not?, page-2

Irrelevant - receivers have been appointed.

Can CAI sell Nullagine?

My way of thinking suggests the following:

How much did CAI pay for Nullagine? $250,000 as DR said, right?

Wrong? CAI received $14million less $250,000 to take over the $45million rehabilitation liability from Novo. So effectively CAI received $13.75 million to take on the $45 million rehabilitation debt and assets.

So how much did CAI pay for Nullagine? Nothing. CAI were paid $13.75 million to take Nullagine.

So how much will CAI get if they sell Nullagine?

Nothing. Will CAI have to pay $13.75 million for someone to take it off their hands?

So how much will they get for Warrawo0na? Nothing, the grade is not there.

And that is why the administrators and receivers have been called in.

Perhaps Macquarie will get 30c in the dollar they are owed and they will be happy to be out. That leaves $0 for everyone else.