GREY:ROAOF - Post by User
Post by
molikaion Jan 03, 2009 10:35pm
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Post# 15680403
My take on Administration statement
My take on Administration statementAssuming ONSL's fate will be in the hands of the administrators by next week the following has been stated and there is no reading between the lines.
(1)"Oilexco understands that it is the intention of the proposed administrators to continue this process, with the intention of selling ONSL or all or substantially all of its assets in such a way as to maximize the value of the assets for all stakeholders, and maintain the business, its employees and systems as a going concern."
(2)"However, there can be no certainty that any binding offers will be received or accepted or that any transaction will be completed or, if it is completed, that there will be any equity value for Oilexco shareholders."
"The shares of ONSL comprise substantially all of the assets of the Company."
If this last statement is indeed the case what is there to sell that will benefit shareholders?