Well Played AZZ, page-15

Interesting, the same valuer put the leases at $30m to $110m in April. Granted 25% of the leases have expired but still that's $22m to $80m. I would've thought the recent buying would have indicated a higher valuation. Personally I don't trust Aurora. They are very motivated to write down azzg to zero so they can reopen their fund for trading - faced with a shareholder revolt for the fees they were planning to charge for the complex structure to accomodate the Azzg notes still having some value.

Anyway, It's looking grim but I will be interested to see how the expressions of interest go/went at the end of September. I'll guess we'll get a report back early October.

My (wild) guess is there will be a recapitalisation offer from EGI or other which gives note holders 50% of what they are owed, which leaves existing shareholders with nothing.