It appears what has happened here is that CHM is clearly running...

It appears what has happened here is that CHM is clearly running out of money - brought about by the drawn out legal stoush. And so they have gone cap in hand to Cape Lambert basically saying "mate please do a deal with us and throw us a lifeline 'cos we have just got wimd that we will be put into liquidation". So, suddenly the rushed announcement is forced out about a deal with CFE, then surprise, surprise, poor old shareholders are last to find out (today), a liquidation order has allegedly been submitted which CHM are going to try and get thrown out of court.

None of this is a "good look" for CHM, but i am sure most CHM shareholders would have understood the risk/reward play on this one, so if it goes tits up it won't be any surprise.