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4.2¢ magnis energy technologies ltd

Ann: HY24 Directors' Report and Financial Statements, page-17

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emugrasshopper

437 Posts.

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18/03/24

00:50

Post #: 72931701
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Originally posted by pe981: ↑

Wading through those half yearly financial statements is quite interesting.
Getting rid of a lot of that big red ink from Im3NY must feel liberating and produced a profit to boot but clearly ASX were not convinced of a sudden change of focus at the stroke of a pen!!
Anyway, interesting to note that during the half year they had to guarantee a trade payable to a "former subsidiary" which they have noted as a contingent liability:-
"The Company provided a guarantee to a trade payable of a former subsidiary for an amount of
$4.824M (30 June 2023: $NIL)."
No other details provided however can only assume this is to guarantee an Im3NY trade payable who became a bit agitated during that half when not paid!?
If so, MNS will no doubt be hoping that Im3NY can be refinanced fully or if sold can meet all obligations or they may end up wearing this little debt too..........(No mention that guarantee had any supporting security, most likely not, so just another unsecured creditor, I suppose)

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David Ross latest story in The Aus has raised some interesting points. Haven’t seen Frank Pollous brother Emmanuel mentioned before with Magnis, I’m sure all kosher with the IT services contract and negotiated at ‘arms length’ commercial market tested terms.

MNS Price at posting: 4.2¢ Sentiment: None Disclosure: Not Held
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