Ann: TNG Mount Peake Project - Capital Expenditure Update, page-206

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22/10/22

13:03

Post #: 64336321
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Originally posted by Sasha39 ↑

brunod, Firstly I must say thank you to you and to the others who have shared their concerns with the Authorities to get this ball rolling. We all know that for Evil to succeed all that needed is that Good men stand by and do nothing, and that's what P.B. has been banking on for so many years.
You are correct about Paul's share purchase plan costing the Company money, just using simple maths the shares were bought back in 2014 for let's say 14 cents so 4,000,000 share @14c = $560,000 which the Company loaned him the money interest free for 5 years he got an additional 4 year extension to the loan so total 9 year interest free and at the end if the shares aren't worth 14c plus by 27th Nov. 2023 he won't go through with the deal and it will be the Company that will have to sell the shares to try and recoup the money sent on purchasing them, if the shares were to be sold today the Company would recoup $280,000 so $560,000 - $280,000 = $280,000 in other words a 50% loss and no negative effect on P.B.
I am so glad that I contacted the Authorities and while it may not end with the outcome I would like, I think that P.B. might be a bit worried knowing that ASIC is now looking into the affairs of TNG.

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Sasha you know how I love to try and keep things factual when there actually are some facts to find but the shares were a new issue so no money was spent by the company to "purchase" them.
Maybe there's a cost to have new shares issued but I wouldn't know.
This is the relevant new issue announcement.

https://hotcopper.com.au/documentembed?id=uOMxKKzFkiWRTLKhOROKAxjvTUcI4wi/pnSIp5lJ2/k=

TNG Price at posting: 7.4¢ Sentiment: Hold Disclosure: Held
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Ann: TNG Mount Peake Project - Capital Expenditure Update, page-206

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Ann: TNG Mount Peake Project - Capital Expenditure Update, page-206

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