How do you interpret the short term finance description in the last announcement from OEL.
"This facility is currently unsecured and repayable by 31 March 2009. An interest rate of 12% is payable on repayment of the loan."
Is that 12% per annum (seems generous for an unsecured loan)
OR
Is that 12% as stated - ie 50% on an annualised basis.
If it is the first then the investors are confident, if it is the second then Otto is done and those investors own it now.
Please Parksie, could you be a bit more precise with your lanuage.
p1000
pre-open good or bad??, page-22
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