Ann: Subscription and Set-Off Agreement, page-4

Only way PLV lives is if someone comes in ie Chinese Steel mill and takes a massive stake in the company and they get majority control of Cockatoo. The $ ain't going to come from existing shareholders with such an uncertain future.

saw the same thing happen to Mount Gibson during the GFC. Only thing that will get the out if this is selling a major stake underwritten by a Chinese steel mill.