The Administrators will clean up the company, settle with creditors (1 cent in the dollar) , get released from any contractual obligations etc there will be nothing for existing shareholders.
Upon completion of the administration CMY will be a clean shell. How clean we do not know and it may never be clean enough for a back door listing. But CMY will emerge from admin as a "shell" which someone may be interested in.
Our problem is that prior to an asset being vended in to the shell there will be a serious capital consolidation.
The Appendix 3B lodged in April says there are 1,013,790,815 shares on issue. No vendor will accept this.
The potential new owners will have no sympathy for existing shareholders and will seek a massive capital consolidation - 1 for 500.
The arithmetic is not exact but a $5,000 investment would be worth $10.
I agree with dsx2 - let CMY pass into oblivion and be remembered as a bitter but perhaps useful lesson.
CMY Price at posting:
0.5¢ Sentiment: None Disclosure: Held
