Namvet, I spoke to Ian last week and he said they have "significant interest" from prospective buyers. I haven't had time to email the list of issues and questions to him but I hope to do so this weekend. I agree with your observations. There is about $32m in secured and unsecured debt ( Ian siad it's yet to be quantified) It will be interesting to find out who designed the production facility. They would have professional indemnity insurance which will also be interesting to see of the directors discharged their duty in relation to accepting whichever engineers certified the design, the construction and the period following commissioning. Engineers get paid to design and certify the design works. I'd also like to see Christie's report to the board, on what he found in the short time he was reviewing the operations etc. Ian didn't seem to appreciate the fact that shareholders are "related creditors" ( ref ASIC website, see guide for vol' ad'guide for creditors).
MOO Price at posting:
6.5¢ Sentiment: None Disclosure: Not Held
