Well Played AZZ, page-14

Yeppp what a joke.

1. Assets with a book value of 3m AUD and a buyer that had executed an agreement to purchase these assets (with no reserves) for $250m US.
2. AZZ had the opportunity to sell BBEP and payout noteholders, but decided to ride it out, risking noteholders and essentially becoming insolvent.
3. Then AZZ requests an extension to noteholders to complete the US$250m sale of assets with a book value if $3m AUD. Noteholders agree and directors continue to earn their salaries
4. Sale doesn't complete, noteholders don't receive interest and AZZ requests another extension so that he can find a buyer for assets that are worth $3m AUD (while he earns $1m AUD in salaries). Obviously planned on doing a capital raising had the extension been granted.

We now know:
1. Assets had a book value of $3m AUD
2. Assets have a current market value of US$1m
3. Assets have 0.1m 1P reserves (i.e. need to be proven up)

Even if the price of oil goes up to $100 US, I just can't see that US $250m sale ever completing.

The assets don't even have a market value to cover the interest repayments, let alone any principal. I would really love to hear what JC has to say.

The questions that deserve to be asked:
1. If the audited accounts show book value of $3m AUD, why did AZZ think they could find a sale by requesting an extension
2. How did Strachan arrive at a valuation of $250m AUD (low case)
3. ABW and Aurora - when they were aware that AZZ's current assets were less than the current noteholder liability, why didn't they put pressure on AZZ to pull the pin.

How noteholders and shareholders own an asset valued at $1m AUD, from what was announced by a Director of a publicly listed company to have had a buyer for US $250M ($360 AUD)

How often does a buyer pay 360 x market value.

How do we not get answers.

We pay taxes, this gets used to fund ASIC

I demand to know what went wrong (although I'm pretty sure I have a fair idea). I want accountability.

The fate we suffered is not ok. This should not be allowed to repeat. An example needs to be set.