find8,
The company are paying interest on the money, however the the fund provider receives a bond for every $1 million which they can choose to convert to shares at a conversion rate of 7c a share. ELM recently converted the first $10million / 10 bonds to shares.
I agree with you that an independent assessment is required however from my experience ASIC would not be interested.
Perhaps the delay in the funding could be ELM finally having a closer look at the operation as initial review was limited.
4 June 2013
"Express-Link and its advisers have reviewed certain information that has been publicly released on the Company, its current activities and its plans for the future, and had certain limited discussions with the Company in relation to its businesses.
However, Express-Link does not necessarily have knowledge of all material information, facts and circumstances that
are necessary to assess the operational, commercial, taxation and financial implications of its current intentions.
Consequently, final decisions on all of these matters have not been made, and any decisions already made may be subject to change"
DYOR My thoughts and ramblings only
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