related party loans

i in the sky,

your previuos comment regarding related parties raises an interesting issue regarding Glenord P/l.

In the Prospectus you note that they paid $3 million for 85% of Glenord of which Nortcott, Fitzgerald etc are Directors etc, then a further $528k for the remaining 15% in 2005. On top of that they give themselves a further $1,027,559 interest free loans with no repayment date as set out in the 2005 Annual Report!!!!!

Reminds me of the WA Inc days with Lauire Connell and his personal merchant Bank "Rothwells"