Ann: Financial Covenants , page-7

Burmans,

If we believe in FEA's reports, then its net asset backing (NAB) should be 5-times as much as its present price of 7c, or say 35c per share. But this 35c NAB is obviously not real, otherwise the banks won't just give it a death reprieve to 19/2 - only about 20 business days to go!

Before GTP/TIM collapsed, their NABs were also many times higher than their market prices, but after the collapse, all of a sudden the NABs became negative! Why?

This is because that all the MIS are a kind of PONZI scheme with a fraudulent account.

I suspect FEA might also suddenly stop trading any time between now and 19/2. Take care.