CORE ISSUE
RM0.35 ASU is not RM0.35 cash.
The Scheme headline recovery is expressed as RM0.35 per RM1, but settlement is paid via ASUs. The economic value depends on enforceability, listing success, mining value, dilution, liquidity and disposal restrictions.
Forensic Warning
Do not compare RM0.35 ASU to RM0.28 liquidation on a simple headline basis. Compare risk-adjusted present value.
CONNECT THE MONEY FLOW
Recovery Truth Map
Click the nodes to inspect why each stage matters. The Scheme path has more dependency layers before creditors can reach actual cash.
Path A — Liquidation Recovery
↓ ↓ ↓ ↓Headline: RM0.28 / RM1
Path B — Scheme Recovery
↓ ↓ ↓ ↓ ↓Headline: RM0.35 / RM1
NOT LIKE-FOR-LIKE
RM0.28 liquidation vs RM0.35 Scheme offer
| Question | RM0.28 Liquidation | RM0.35 Scheme | Forensic View |
|---|---|---|---|
| Paid in cash? | Potentially, after realisation | No — ASUs | Critical difference |
| Depends on LSE listing? | No | Yes | Execution risk |
| Depends on mining value? | No direct dependency | Yes, indirectly | Valuation risk |
| Liquidity restriction? | Distribution timing only | 25% sale per year over 4 years | Illiquidity risk |
| Legal claims preserved? | Usually until recovery / enforcement | May be released on ASU issuance | Rights loss risk |
| Needs risk-adjustment? | Yes | Much higher | Must discount ASU |
ASSET RELIABILITY MAP
What supports the RM0.28 liquidation estimate?
ACSB Estate
GRDA ReceivableRM469.2m / 100% ERV / verify collectability
Cash at BankRM248k / bank confirmations needed
Cash on HandRM521k / physical custody proof needed
PropertyRM450k / no formal valuation shown
Charged Assets NetRM1.79m / secured creditor payoff needed
LIABILITY RECONCILIATION ALERT
Numbers used in the ES are not visually reconciled.
RM877.696mScheme Liabilities / POD basis
RM907.145mSOA unsecured creditors NBV
RM878.895mSOA unsecured creditors ERV
RM1.704bTotal unsecured incl. related company
Before voting, creditors should demand a reconciliation showing which number governs voting, settlement, ASU allocation and comparison against liquidation.
SCENARIO SIMULATOR
Risk-adjusted recovery calculator
This is an analytical tool, not a valuation opinion. Use it to show how ASU discount, listing probability, GRDA recovery and liquidation costs change the economic comparison.
How to read this calculator
ASU economic discountHow much you haircut the RM0.35 ASU because it is not cash, may be illiquid, and depends on future events. Higher % = more conservative.
Listing / conversion probabilityYour assumed chance that ASUs successfully convert into listed AurumRock shares. Lower % = more risk.
GRDA recovery rateHow much of the RM469.2m GRDA receivable can actually be collected. If GRDA is doubtful, reduce this.
Liquidation cost haircutEstimated reduction for future liquidation costs, delay, enforcement and legal expenses.
FORENSIC ACCOUNTING RED FLAGS
Financial risk table
MISSING FINANCIAL DOCUMENTS
Evidence request list
Claims / liabilities
- Full POD report
- Creditor-by-creditor admitted claim schedule
- Rejected / disputed / contingent claims schedule
- Interest / profit calculation schedule
- Guarantee and indemnity schedule
Assets / ERV
- Liquidator ERV working papers
- Independent property valuation
- Bank confirmations
- Secured creditor payoff statements
- Liquidation cost-to-completion estimate
Receivables
- GRDA debtor confirmation
- GRDA audited financial statements
- GRDA contract / sale agreement
- Legal enforceability opinion
- Recovery correspondence
ASU / listing
- ASU instrument
- Trust deed / escrow
- Conversion mechanics
- Failure-to-list remedies
- Independent valuation of ASUs
BEFORE VOTING