re: Ann: Sale of Kagara Group Assets - North ... I think the 40m...

re: Ann: Sale of Kagara Group Assets - North ... I think the 40m is inc the 10m environmental gaurentee... so the effective cash in the door is 40m (ie 30m from the sale and 10m from release of KZL's current eviro bond)

I would suggest more than half the debt is gone now, with investec/ANZ paid out, and also some debt being forgiven as part of the MUX deal, it should leave primarily the supplier creditors etc remaining.

I think it is looking more likely that we will see a re-listing of this company, hopefully without any further asset sales.

I could see a world were we have the Thalanga plant operating and producing positive FCF and then the northern assets as a development prospect??

This would require there to be a further injection of working capital which could come form either a disposal of the Admiral Bay deposit or an arrangement where unsecured creditors take equity in a new entity.

I have to say that I am pretty impressed with the job that the administrators have done so far, it gives me hope for a positive outcome for equity.