Ann: Carbine to acquire Cockatoo Iron NL, page-22

interesting read when they talk about the 12 mil loan which appears to be quite complex. It states that the loan does not have to be repayed unless cockatoo purchase the pluton lease. I found it interesting that it mentions the loan is only payable if Pluton lease in purchased on their name not another entity.

from the document

10. Contingent Loan
Cockatoo Iron borrowed the sum of $12,237,237 from World System Capital Investment Limited (World
System). The repayment terms for this loan are uncertain, due to there being no formal document which
records the terms of the loan. If the loan becomes repayable it may have an adverse effect on the financial
position of the Company.
KPMG (auditor of Cockatoo Iron) has treated the loan in the audited accounts of Cockatoo Iron as a
“Contingent Liability” (ie Cockatoo Iron is not presently obliged to repay loaned amounts) and the loan is
identified as a limited recourse loan (which is consistent with audit confirmation letters executed for and on
behalf of World System).
The Company understands that the loan may be repayable if Cockatoo Iron or Silver Gull did subsequently
acquire the assets of Pluton Resources Ltd (Receivers and Managers Appointed) (in Liquidation) and Wise
Energy Group Company Limited (Receivers and Managers Appointed). The Company has no intention of
acquiring these assets, by way of Cockatoo Iron or Silver Gull, and in the circumstances considers the risk that
the loan will ever become repayable is very low.

Just a thought haven't got a clue really

Cheers