the story so far, page-28

Pelm: Out of your depth? Never. Afterall, you buy Japanese ski resorts in your spare time!!!

123enen/SuperTim: Not sure that it matters whether or not the JV was activated or not. It is likley from WEGs standpoint that it should have been. From PLV's standpoint a condition precedent was not met which might have been the repayment of monies to ICA by WEG. Re your point 123enen about the ICA credit not appearing in the accounts: Cockatoo purchase was finalised in Sept 2012 and WEG was approved a JV share by shareholders on 29 Nov 2012. Perhaps the credit was provided after the 2012 full year accounting period and we do not have half yearly accounts yet. Perhaps Buddy134's point applies, that it was simply a consulting/financing facilitation fee rather than a loan agreement.

Re Ms Wang shifting her holding back to Timeone, perhaps ICA pursued the assets of Ms Wang held in WEG as a means of obtaining repayment. If Ms Wang was claiming her JV stake, then she had a debt repayment to make. Holding the shares in Timeone made ICA's task more difficult. In her situation, I would be reluctant to sell shares at current market prices when they were purchased at 35.5c.

If Ms Wang was not claiming a JV holding, she was obligated to get out of the way of PLV's attempt to obtain funding and meet ICA's credit claim. My guess was she was not assisting this process at all. Buddy134's point is valid also. Ms Wang is obligated as a Director to work in the interests of all shareholders. She isn't on the Board to exclusively protect her own interests at the expense of other shareholders.

You guys have probably seen documentation relating to JV's, asset purchases before. I have seen a few. They are complicated to say the least. We have stuff all hope of fully assembling the jig saw from the outside. Best we can do is guess. It's why we appoint good directors who in turn appoint and oversight a good CEO to protect our interests. Fundamentalists review the quality of directors and management for good reason.

Cheers
Bleasby