Originally Posted by
Xerof
Unicorn is exactly right - NZO couched their cash injection in emotive terms to fit the sad occasion, but clearly had a receivership foremost in their minds, and was a 'calculated move'. They 'control' the receivership from here, with BNZ tagging along for the ride.
Nothing can or will happen now in terms of extracting value from their equity stake (along with all equally ranking shareholders) until the inquiries are done and dusted. That might take several years. In the meantime, secured creditors best hope is for a decent insurance claim of sufficient size to be able to cover their secured debt position. The staff do have a preferential position ahead of them, but for how much is unknown. Not likely to be as generous as Peter was intimating, but it will be guided by prevailing legislation.
I think the coal reserves being talked about will be what was stockpiled (sold to Solid Energy I believe, and in the scheme of things - peanuts) The external infrastructure may have some value on a break-up basis, but would clearly have greater value if the Receivers are prepared to wait for the outcome of the inquiries, at which stage, if practicable, they will sell the whole project to the highest bidder.
IMO, PRC shares will not trade again, but may have residual value in a trade sale in years to come, and be pro-rata settled by the receivers across all shareholders
Good luck with your questioning at the AGM or earlier, Roger.