rumours re monarch and sre, page-12

The article I referred to contains a few paragraphs worth reading is included below - and the table it refers to includes MON.

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The fourth category of companies (see table) is those that are mainly in administration.

Securities in these companies are of little, if any, value and disposal almost invariably makes good economic sense. That can be accomplished easily and quickly online at delisted.com.au for an administrative fee of $81 net or $56 for additional transactions.

Here are the answers to some questions that shareholders in companies that are in administration commonly ask:

My company is in administration. Is there a distribution likely?

To our knowledge there has not been a distribution to shareholders from a listed company in administration, at least not over the past seven years. The only exception occurred when aggrieved shareholders in one special case were ranked with unsecured creditors.

Is there any value in my shares if the company is restructured and able to regain quotation?

The residual value of an average shareholding has been negligible in such circumstances. Existing shareholdings are usually diluted to represent between 6 per cent and 8 per cent of the restructured company.

The company Western Metals Limited (WMT) is a good example. This company's shares were consolidated as part of a restructuring, with existing shareholders receiving one share for every 100 they held previously. The shares came back on the market at about 2.3 cents and an "average" shareholding of, say, 50,000 shares acquired at 28 cents each (cost $14,000) had thus become 500 shares, worth about $15. Shareholders who retained their holding were still faced with having to sell an unmarketable parcel to crystallise their capital loss.