OK, its pretty much a shell now. Whats likely to happen is one...

OK, its pretty much a shell now.  Whats likely to happen is one of four things:

1. Company goes bankrupt and winds up.  This is the worst outcome as there is no value for anyone.
2. Directors sell the shell.  A shell is currently worth about $2-3M, maybe less in a market awash with shells.  Shareholders will not likely see any of that money as it will all go to paying the directors off.  New owner recapitalises, renames, and severely dilutes existing shareholders.  Still, they might get something.
3. Directors call in their "loans" and, essentially take over the company, send it private, and use it to get into a project.  Shareholders get extremely diluted and probably get nothing.  Not a likely scenario, given the geniuses who are "running" the company now.
4. Try to entice a project into the shell and relist, probably under a new name.  The project needs to be exciting enough to sustain a CR through an SPP or an RI.  Ideally, the company finds a cornerstone investor on the back of the new project.  Shareholders are severely diluted but at least claw back some value.  This is a well trodden path, but probably beyond the capability of the directors.

I don't really know the directors. I got into this company when its was called something else and had respected directors.  Got caught out.  On the basis of whats been happening over the last few years I'd say the current directors are very low calibre and probably not well connected in the industry.  There are literally dozens of projects looking for a home out there.  Just needs some imagination on how to fund one.

I just wish they'd do SOMETHING so I can write this one off against my other CGT.