tnc valleyarm global partnership list, page-36

My only concern with this one is the structure of the transaction between Valleyarm/TNC.

Input of Tangrams/JB made me want to look a bit deeper into it. Thanks for the balanced views btw.

Tangrams - According to Annual Report (pg 68) TNC already own 70% of Valleyfarm, so generally speaking (lol) TNC should have already 'loaned' $200K to Valleyarm.

Rob - The impairments of the intercompany loans worry me. Especially since TNC don't have to show them in the consolidated reports.

Looks like a similar 'impairment vehicle' setup for Valleyarm.

Don't get me wrong, Valleyarm could achieve new heights if they successfully tap Asia. But their Asia in Asia out model seems to be more targeted towards selling local oz music into Asia. Finding Asian talent and signing them up could be too expensive imo (especially if they are working within an AUD$169 margin). Someone here likened it to the 'promises' made within the modelling industry. I can see how they came to that conclusion now.

I also get the inkling a 3b is not far away either.

Lastly, given that Kley's company was the sole shareholder of Valleyarm, and it HAS now parted with 70% for $200K (that needs to be paid back out of Valleyarm earnings) just doesn't sit right with me.

Have sold out (to chase some other specs!) - but will still follow the Valleyarm story.

Cheers,
The Sparkler