Assuming the listing fees get paid then - as there is now a DOCA (Deed Of Company Arrangement)...
- listing fees have been paid so CMY will not be delisted
CMY will likely be scrubbed down - all assets sold and all debts paid off (monies owing to other companies) under this agreement. There appears to be value in some of the existing assets, at least according to BRI Ferrier
CMY will then be put up for sale, someone may offer $1ook or and buy up an ASX listed company (shell) - CMY will have not much left after the administrators getting paid out. The administration costs are regrettable but are explained in considerable detail in the BRI documents http://briferrier.com.au/about-us/current-matters/capital-mining-limited
I don't think CMY will be sold and certainly not for $100k
Then the new CMY Owner/ Board will have one look at the share registry and think... "Wow, 1 Billion shares outstanding, lets consolidate that"
They won't care one bit about current share holders - no reason to, we haven't done any favours for them and they don't owe us anything for being 'loyal'.
Consolidation say 10,000 to 1 or whatever (that's just an example). So the registry will then show may be 100k shares outstanding.
In this example, if you have 500k or shares, it'll be 50 shares. At $0.005 that's like 25c.
The new CMY, new Board etc will then probably change the name, brand, and direction and launch a Capital Raise to get some cash, - issue say 500m of shares further diluting you're then 25c holding.
I think your above comments are pretty baseless actually. A consolidation is not an immediate priority and a ratio might more likely be 100:1 if that. If necessary, that would more likely happen when the company has been restructured, current projects reassessed and potentially better ones introduced. The company will have to raise money - the risk takers in that round will be fairly demanding which is expected.
Like Pro Capitalism says, for current holders your shares are worthless.
A 249D IMO was the only way that us current holders could salvage something out of this mess. But, like myself, not worth the effort for most here.
In conclusion the administrator will proceed with the chosen DOCA, the company will have to comply with a number of ASIC/ASX issues - one being lodgement of financials. The company will have to raise quite a bit of money tp expense administration + creditors who will not take stock in lieu of cash.
CMY will most likely rise again but very different board and most likely new projects selected carefully
CMY Price at posting:
0.5¢ Sentiment: Buy Disclosure: Held
