Ann: Update Voluntary Administration of Kagara Li, page-2

re: Ann: Update Voluntary Administration of K... So, creditors are owed between $85 million to $95 million including the debt to ANZ. If they sell the MUX stake for 40 that leaves about 50 to cover. KZL had 8 mill cash at bank when it went into VA, was owed 22 mill or so by debtors and had about 10-12 mill in inventory. I can't see where any of this has been laid out but they either need to raise about 8 mill to 50 mill at6 the extreme to clear all debts and would need at least 50-100 in working capital to kick off again. Total book value of major assets equaling 410 mill. Probably actually worth about 250 mill. I still maintain that the best way forward would be to sell of the entire Southern region asset around Townsville to raise about 100 mill but I reckon some of these creditors will be offered stake in a cap raising as payment. So dilution to 6-9c is a real possibility.