First Samuel is loaning and underwriting TZ for over $10M.
What due diligence have they done? I cannot see how any firm with TZ's past record, figures and outlook could secure finance after a proper and true due diligence.
If First Samuel are in fact loaning from a bank to support TZ, then I think they should publish the material they relied upon to secure the funding. If they are funding from their own pocket they also should make it public what was lodged with them. Given the figures it is hard to support the lending to TZ.
I am assuming a company like First Samuel has a strict due diligence practice.
It also puts shareholders and the ASX in a false position. I do not think First Samuel would acquire and use information the market does not have, yet have to ask why would they they continue with this investment on the figures past and present. Its there money, but any move on TZ could be viewed as misleading.
A quick search on Hotcopper shows First Samuel have done this twice before with other firms.
IMO
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