Ann: Company Secretary Resignation, page-15

Really?

Quote - “To date more than A$2.8 million has been advanced to the Philippine Iron Sands-Vanadium Magnetite Project,

through loan monies advanced to an unlisted public company, Consolidated Iron Sands Limited and indirectly to its Philippine subsidiary Luzon Iron Development Group.

The Board is reviewing the structure of this investment and historical payments made to these companies both directly and indirectly.”

The Board is reviewing its payment obligations to this project and further seeking to replace the current directors of these companies with its nominees, as provided for under the agreement by which its investments have been made.”



So they have loaned the iron sands private companies $2.8m, they are reviewing the structure of the investment, it’s payments too and it’s payment obligations and are seeking to replace the current directors of the unlisted companies.

That too me sounds like all is not kosher in the Philippines(?)



Quote - “The Board has initiated a legal and financial review and assessment of all current assets and investments currently held and made by the Company over the past several years.

The Board and its legal advisors are completing an audit of the various loan agreements and associated variations made in respect to a number of significant loan monies that were advanced to other ASX and unlisted companies.” End quote


JB, it sure reads like you have a few problems with the loans and deal(s) to sort out! Good luck.