Ann: Company Administration - Other-WDS.AX, page-7

I have to say the lack of updates from KM or FTI has been pretty disappointing. I have no idea about the financial position of WDS towards the end, but I did some basic calculations based on what we did know.

There was 53.9c per share of tangible assets as at half year 2015. The supposed cause of the demise was an insurance bond that Eagle Downs CM cashed in totalling $14.2 million, which was described as a 'new liability' and as such wouldn't likely have been included in liabilities at the half year 2015. If we say it accumulated tangible losses of about another $5m for that financial year, that leaves ~$58.9 million of tangible assets after the EDCM bond and any other losses. This equates to ~40.9c per share of tangible assets, based on ~144m issued shares.

If they were to recover 30% of the value of those tangible assets, and accounting for approximately $5m in liquidator, receiver and managers' fees, it seems shareholders might be lucky to get about 8.8c per share back.

It wouldn't be such a bad return for those who invested in WDS on a spec basis like me at about 9c. But a disaster for those who invested at its highs.

What do you think? Did anyone else do some basic calculations?