Voluntary Administration means that shareholders are locked out...

Voluntary Administration means that shareholders are locked out of any meetings while creditors seek to get their money back. VA means that all the "voting" power has been over-ridden.

If this means selling assets on the cheap, dilution of existing shareholders to oblivion or anything that allows the creditors to get as much of their money back. If you are a buyer would you also want to pay to shareholders ... or just pay the bare minimum price? Question answers itself doesn't it.

As for "book value" and "theoretical values" in a case of Voluntary Administration this means crap all. You will be worth what a buyer is willing to pay. If the buyer wants to step on your spine and bleed you, but your creditor gives the ok because they are desperate to get whatever they can, then the buyer will do this. Have a look at CopperCo. A former billion market cap which went for $50m to Cape Lambert Iron Ore (CFE). CFE repackaged the assets and sold for $180m about 18 months later.

While KZL does not look to be in dire straights as CopperCo unless there is to be an undiscovered shocker to be found (heaven forbid if this happens) but I would not be looking at premium "takeover" at this time.

I have a mate who owns a boutique investment bank that has clients who has been looking at KZL assets ... will a deal be done ... I don't know as he does not talk about his business in detail.

If KZL realists (I am hoping it does) then shareholders should feel very lucky.