No Worries Fairshare.Thanks for your kind words.I've just taken...

No Worries Fairshare.

Thanks for your kind words.

I've just taken another look at the announcement and the previous 'Scheme Booklet' - Note: check Appendix C Venmyn Deloitte Independent Mineral Asset Valuation for PLA. Where PLA was valued at between USD$39.62m - USD$103.15m with a mid point of USD$67.97m as at Dec 2012.

I'm sorry - when reading the announcement I glossed over it - but I now realise the Administrator has suggested this is a 'sale of the assets' to GLCM. Given this, I'm now guessing Macquarie Bank must be happy with the deal and not after the upside any more (i.e. debt/equity swap). So if as Maxy has suggested Macquarie is owed around AUD$25m then shareholders should get paid out the remainder of any sale (pas per the previous valuation provided to the administrator I'm looking for somewhere between USD$67.97m and USD$103.15m less AUD$25m, so perhaps between 9-16 cents per share?). Do I sound hopeful?

We might yet have a fairy tail ending (not)!

Obviously Grate Lakes see a significant upside in any investment and perhaps their first Platinum investment?

The other situation I was contemplating/discussing was if GLCM were to use a private company vehicle to invest alongside Macquarie (converting some debt to equity) into PLA - whereby our Company would be recapitalised and then brought out of Administration - however, on second reading of the most recent announcement I think this now seems doubtful.

I guess we should know our fate in 32 days or less.

This has been a very rocky road and stressful investment, I always have had confidence that PLA had the asset backing. This has been another life lesson for me, and not something I wish to repeat. Lucky I still have time on my hands - looking for much better investment opportunities into the future (safer and more bang for my buck).

Cheers

mmmmgus