FRL Commodity Management Ltd was registered in Jersey on the 26th of May, 2011 (https://www.jerseyfsc.org/registry/documentsearch/NameDetail.aspx?id=267394). It has paid in share capital of EU$10,000 and employees from an offshore trust and company administration firm "Whitmill Trust" (http://www.whitmill.com/) as subscribers or agents: Frederick John Deacon and Kiran Patel.
It seems peculiar to me that a Company incorporated 5 months ago with EU$10K in capital can subscribe for an "innovate debt facility" of A$300M to be repaid in iron. Beyond the obvious questions around the bona fides of the FRL Commodity Management Ltd isn't it odd that the supposed Lender who is to repaid in iron, is making the pre-sale i.e., off-take, of that iron a CP to the Loan. Put another way, how do you repay the loan in iron when you are required to sell it to third party in order to qualify for the loan? A bit of self defeating condition isn't it?
All sounds very dodgy to me. Watch this space I guess...
FAS Price at posting:
3.7¢ Sentiment: Sell Disclosure: Not Held
