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Ann: Response to ASX Query Letter, page-30

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DD72

3,774 Posts.

491

03/02/20

19:15

Post #: 42723953
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Originally posted by grussellt: ↑

After the lengthy reply from IGE there are some importants facts:
1. Loans amounting to $17,561,972 are from Paul Dickson and other non-bank lenders.
2. An agreement to borrow $US 90m from SGC was first reported on 28/04/2017 but remains undrawn
3. IGE has a working capital deficit of $40.4m but has paid negligible interest in the last two quarters.
4. The estimate cost to complete Amsterdam is $30m

The maybe money:
"On 13 January 2020, Mr Hogan advised that Tangier had informed him that, during a 3.5-hour
teleconference held between Tangier, Homeland Security and the US Federal Reserve, a Tangier
representative was told the investigation was almost complete and that best-case funds would be
in the IGP bank account by Thursday 16 January if everything goes well."

"On 15 January 2020, Mr Hogan from GEP, after being advised by Tangier, informed IGE via
teleconference that US Homeland Security had completed all but 2% of their required checking
process before advising the US Federal Reserve that the funds were cleared for release to Tangier."

"Moreover, Mr Hogan advised that the Federal Reserve had specified that once the last 2% of the
checking process was complete, the funds were to be released immediately."

So are we to believe that $US80m from an unknown source (originally thought to have been ADIA) is sitting in some form of escrow account from where it will shortly be released to IGP by the actions of Tangier?

Expand

That is how i read it grussellt. Ige are putting all their faith in one man who supposedly has connections with guys who can source money in the millions. It sounds like the movie casino, if ige gets the money, it will only be from the kind of guys who can get you that kind ok money. I wonder what they will want in return? I will remain skeptical until the money is in the account and will be watching very carefully for if and when it opens so hopefully I get out at a reasonable price.

DD

IGE Price at posting: 13.0¢ Sentiment: None Disclosure: Held
2 Upvote

0 Great analysis

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