Re: Trading Insolvent??, page-6

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13/03/15

06:34

Post #: 14906502
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Originally posted by elphamale ↑

Thanks for the link Jack.

Ramblehe, looks like anyone can sign up and the subscription is free for the first 90 days.

Anyhow the gist of the story is that Summit Development Limited (SDL), a subsidiary of IDC, is allegedly being pursued by businesses in Tari, Hela province for the non- payment of bills. One of SDL's creditors (George Tagobe's family owned business) is allegedly owed K278 166.50 for the use of its fly-in fly-out forward base and lay- down in Tari. Apparently the yet to be made payments date back to January 2014.

Due to the alleged non-payment of outstanding bills, SDL was reportedly kicked out of its Tari lay-down last year by Tari businessman and former mayor George Tagobe. Apparently the shutdown affected SDL’s airlifting operations of supplies, manpower and equipment by helicopter into Mt Kare from Tari, which is apparently the most convenient location.

It is reported that George Niumataiwalu (country manager for IDC) via an email to the reporter said that Mr Tagobe is only one of their many creditors who have had their payments deferred due to the company’s inability to raise capital in the stock markets, as a result of delays in the land investigations study (LIS) and the land investigations report (LIR) which has also delayed the extension of their explorations licenses.

Mr Niumataiwalu is also reported to have said that the action taken by Mr Tagobe and other landowners in recent court proceedings has further caused delays in raising capital for the project that only lead to further delays in paying all SDL's creditors as a result.

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One would think that IDC would have said something about all this under their continuous disclosure obligations.

IDC Price at posting: 0.7¢ Sentiment: None Disclosure: Held
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Re: Trading Insolvent??, page-6

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