@ 19.99%, Star Bright is on the 'threshold' of a T/O 'obligation' as I understand it...
If AHZ happen to get 'shy' on any repayment/s, I wonder how long it could take to 'breach' that 'threshold' essentially triggering a 'T/O by stealth', not 100% on the 'forced majeure' legislative requirements, but I've seen it done over a 'securtised' debt facility...
Check out what happened to ASX:EGO (Empire Oil), ASX:MIN (MinRes) provided 'securitised' debt-facility of A$15.1m, and the inept and idiotic BoD (& Execs) with their own ego's (pardon the pun), lost the lot to MIN immediately upon admitting they couldn't make the next repayment... They were in over their heads, well before the 'debt' problem arose...
Thin ice by the looks here for AHZ, but plenty of opportunity if the 'new look' BoD can clearly 'extrapolate' demonstrable value... PFG loan was a terrible arrangement, not unlike the 2x terrible 'debt-facilities' architected by the EGO BoDs, where the EGO Chairman was an ex-Exec of ERM Power (ASX:EPW), the initial 'debt' provider, who then 'offloaded' to MinRes, who got the lot for essentially lending EGO A$15.1m... Chump-change to MinRes...
Personally, I'd be encouraged to see Star Bright 'clean the slate' (cleanse the existing board entirely), then reconstruct it in a far more diligent manner...
Waiting cap is on to see where this one lands...
ML
Ann: Admedus Secures Strategic Investor, page-102
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