Ann: Update on Receivership Process, page-12

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John Veet

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03/12/18

11:12

Post #: 36727341
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Originally posted by GravityWaves ↑

Originally posted by Furpo2
There are Challenger owned assets - buildings, dongas, vehicles, earth movers and a workshop to service them, along with stocks of fuel and stores.
Byrnecut, like Pybar usually used their own gear.
There has been no revelation on assets.
The mill has value where it is, but maybe not dismantled.
Once more shareholders have to believe what they are told.

$20m blown in a couple of weeks - there has to be a good yarn there.
It's interesting thinking about the possible reasons why investors sometimes prefer listening to the sound of 'solvency mantra' instead of taking urgent action when the alarm bells are ringing.

https://newswire.iguana2.com/af5f4d...1081627/WPG_Response_to_ASX_Appendix_5B_Query

https://www.auasb.gov.au/admin/file/content102/c3/Going_Concern_Issues_in_Financial_Reporting.pdf

Hopefully the appointed administrators will uncover the unscrupulous details of this debacle & can claw back a significant amount of funds for shareholders. You never know how things are likely to pan out until the administrators prelim report.

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Thanks Gravity for the reminder of the ASX query & WPG's response. The two documents sit in stark contrast to each other and we 'rank & file' shareholders know now which one was was closest to the truth!!

WPG Price at posting: 1.5¢ Sentiment: Hold Disclosure: Held
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Ann: Update on Receivership Process, page-12

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