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How long can Evans and Tate hold out?
Posted: Thu Jun 15, 2006 8:28 am
by Red Bigot
"The picture painted at this morning’s meeting was not a pretty one. A statement of financial performance for the period ended 31 December showed total assets of $144.2 million and total liabilities of $192.5 million giving negative total equity for shareholders of $48.3 million."
Pretty hard to see how they can trade out of this situation or find a "white knight" to rescue them.
Posted: Thu Jun 15, 2006 8:35 am
by smithy
Not long mate!
I would have thought the directores would have a responsibility to wind it up if they are trading whilst insolvent.
Just my 2 cents worth.
(Not much really if liabilities are $193 Million)
Really can't see the point in fighting it in the court either..just money for lawyers that won't be going to shareholders either.
Apologies to our legal eagle brothers!
Cheers
Smithy
Posted: Thu Jun 15, 2006 2:49 pm
by kirragc
at least one creditor has applied for a wind up however they might be waiting to see the value of some of the assets they have for sale first.
What would Oakridge be worth?
They could realise 60M fairly quickly, throw in a debtors deal and they might get through.
Realise 20M add angry debtors and we canb expect the "........cents in the dollar" statment to come out
Posted: Sun Jun 18, 2006 7:17 pm
by Mark G
They're cactus. A really profitable WA winery decided to list and buy into cheap branded wine from the east and in doing so sells all their assets - completely outside of their knitting and any relationship to commonsense.
Will be a big hit on the regions growers when they get put into receivership - who ever picks up this carcass will make an absolute killing in 2-3 years.
Cheers
Mark G