Thanks for the compliment @turville, I try to contribute as best...

Thanks for the compliment @turville, I try to contribute as best as I can, when I can. Unfortunately CMY seemed like a lost cause (and probably still is), so never thought I can add much to the - rightly so - mostly f$#k! [and then moderated] posts!

Yes, reading the Administrators /Creditors report, CMY were solvent, had cash in the bank and per the administrators report had net assets (after liabilities) with an estimated value of around $6.2mil.

The Administrators reckon they can get about $2.4mil of this if they liquidated the company.

The reason for going into administration is that all three directors resigned, thus, by virtue of having no BoD, the administrators stood up their BoD to temporarily run the show.

So, (IMO) the best outcome for current Share Holders is to replace the administrator’s BoD through this 249D process with a decent BoD. Albeit hard work to organise this and find the right guys who want to run - essentially - a mining junior shell.

A new BoD would also have to then sort out all the current mess (i.e. immediately paying the creditors – approx. $109k with the approx. $57k cash in bank). It’ll probably mean selling some assets or so initially to maintain the cash-flow / liquidity etc, plus organising a CR thereafter for any new projects.

However, for someone who may want to take over this company, or solely looking to purchase the assets of the company, they may just want to pay the $2.4mil suggested by the administrators (worth $6.2mil), and not have any hassle with other creditors, or trying to get us SH onside to organise the 249D process.

For me - IMO - I have in my mind that, at best (if liquidated or DOCA + resumes trading), I’ll get back about a tenth of the value that my shares are worth now (at 0.5c).

IMO, If we went down the 249D path, and got a good BoD to replace the company, and the company then performs, then this could be back in the game and things could get back on track etc.

I had thought about running this process myself after qedpl2 disappeared, however my holding is relatively small, therefore the effort to reward just doesn’t make the 249D process worthwhile for me personally. Unless I could negotiate some sort of deal with the incoming BoD, but that would be a long shot IMO.

But someone with a large holding to protect or looking to instigate a 249D and make the effort to contact potential new management, gather 5% of shareholders to form the association required etc. I would totally support that and help as much as possible. Unfortunately I sense most of us smaller-time holders agree with this statement, but don’t have the desire to embark on this alone?

Cheers
MSN