Something struck me from the AGM.
Mr Manusu tried to answer the question of the $5.1m without truly answering it. He intimated that the money would not be payable until some money came in from PrIME. That is not what the documentation released says, and if that is the case, why hasn't there been an announcement to that effect? Was he lying of breaching his duty of continuous disclosure? And why isn't that $5.1m in the liabilities of the company if it is to be paid in the future?
As I wrote this, another thing struck me. If Xeraya get any more than 20% for the $15m they are putting in, then PrIME is not worth $70m at all. And if they get any other "sweeteners" so beloved by our keen wheelers and dealers (like the $5.1m now owed to Luye), then the value is even less.
In fact, based on the Luye deal where they apparently gave us S$6m worth of facility, and are now due to receive back $6m in cash, then the value of the shares is NIL. Yep, not a cent. That values PrIME as worth nothing.
I'm changing my sentiment back.
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