SHD, page-2

Looks like they are working on the EIS in the background to make it more attractive to sell, should know more come 14 April.

http://www.ferrierhodgson.com/au/administrations/sherwin-group

Extract from the Federal Court located on FH web site:

I am satisfied that the convening period should be extended until midnight on 14 April 2015 for the reasons advanced by Mr Melluish. It is an important factor in my consideration that the application for an extension has been supported by creditors – at least, those who attended the first creditors’ meeting – and the receivers and managers. It is true that the prospect considered by the creditors at the first creditors’ meeting was for an extension of up to six months. The present extension sought is longer than that.


However, I give importanceto the fact that there seems to have been no opposition whatsoever by the creditors to the principle that an extension of the convening period be granted for a suitable period. 30 It makes obvious sense that if the receivers and managers can complete the steps they envisage, the project should progress from a set of undeveloped mining tenements to an approved mining operation offering, by then, the prospect of immediate commencement. Development of the project in that way has the potential to enhance the prospects of recapitalising the project, selling the project, or providing for an arrangement with creditors, that could well lead to a greater recovery than if the companies now went into liquidation.