The destruction of wealth by the latest jokers was nothing...

The destruction of wealth by the latest jokers was nothing compared to GGP crew. The whole GGP/OGX/MUS/NXE train has certainly been a money bonfire.

Reading over the announcement again it looks like they are trying to sneak out $4.2 million in a dividend and leave the shell to Arena with around $5 million cash after costs. There will be no franking credits with this dividend so if they succeed the company is worth maybe $4 million as of today, minus whatever discount you want to apply to the risk of holding NXE - lets say around 2.5c max.

Is there anyone in here who knows how likely they are to be able to pull this off? Seems highly dubious, but you would think they have got some legal advice on this strategy. It will certainly PO Arena.