second meeting of creditors

I think this is interesting comment...

"The Administrators intend to apply to the court for an extension of the convening period for a period of up to six months. The Administrators will advise further in due course."

It may signal that the intent is to sell off the liquid assets first, non-core assets etc. i.e. MUX etc, maybe Southern region...and then pay off secured creditors e.g. ANZ...then KZL may and depending upon how the AUD/Zinc price differential is, re-list in Sep/Oct.

This would buy them critical time needed to allow the zinc price to rise, the AUD to fall, and the European storm to pass. That 10c gap needs to be 5c or better to re-list. It's close but not close enough for a buffer.

In a way, the longer the delay the better and greater the likelihood of re-listing at closer to 12c.

Administrators costs are also fixed at $300,000 until the second meeting of creditors. This will be those that want to hang around or be paid in stock as part of re-listing.

We will have to of course the outcome of the first meet to see exactly how much the outstanding debts are.