C'Mon Norm, page-16

Agree mostly with your thoughts and sentiment RR except if the company is headed for administration why would a "PO" want to buy it at 10c a share unless the NTA valuation is more than that?

Hypothetically speaking IMO it would be best for any entity to pick up a flailing businesses assets (or potential liabilities) at cost / NTA - so wait until administration point is reached - when hopefully a fair assessment by external auditors (potentially by a "PO") can be made to determine if the company is holding assets. Then a "PO" can make a bid on those assets against the lowest potential price of the assets, eg an iron ore reserve based on a $75/t price revenue basis - which may require a mining production rate of 5Mtpa to break-even and hence shorten the going concern of a restructured project to 3 years - increasing the risk and further reducing the value of the asset. All IMO and hypothetically based of course..

GFO