Ann: Scheme of Arrangement and Demerger, page-79

Just my opinion, it is a sad story , right from the start? Front end engineering on the construction of the mine-the ore body. The board has been offered a demerger at approx. 10 % cost to relieve all strings attached to Karara to stay as a going concern. So the company cannot speak during a black out period , We all knew one day this would/could happen . Once mount Gibson stopped their operations the run rate for iron ore, then karara was liable for the contracted run rate. Karara was virtually on care and maintenance and maybe just covering their cost. to stay viable? Is it fair and reasonable-we still have a company of value left luckily, this is what happens in big business when a now junior does not have the cash flow to cover their liabilities. A lesson hard learned? From an angled view this seems to be what has happened, the board was in a very difficult position when the shareholders voted to put nil cost on karara ,with maybe the liabilities to come back to haunt the company at a later date . No if`s or buts of emotion or value destroyed . Sorry to annoy many holders , i also have no connections at all, only as a small shareholder following the company over many years.