and ask the asx, page-10

This seems as dodgey as

Check the asx announcement concerning the 29 January 2009 EGM - the Explanatory Notes released on 23 December 2008

Page 19 says the Coffee house loan is not secured. As we all know initially it was to be secured by a fixed and floating charge over company assets but we were advised on 11 August 2008 that GT dropped that requirement and that it would be unsecured.

Page 19 of the Explanatory notes for the EGM goes on to say in essence while that the Coffee House loan is unsecured - the company made an undertaking not to create a mortgage, charge or other security over company assets....(there are some proviso's that I dont understand but that's my reading of it at least)


Later when it speaks about HNC's convertible loan it makes no mention at all about security in any form that I can see - so quite reasonably one should be able to rely on the earlier statement that the company would not offer assets as security to anyone else.

Tracking back thru the announcements it seems clear that the Coffee House loan and the dropping of fixed and floating charges was agreed to months before the HNC C note loan - and yet I have since been advise that HNC do have a fixed and floating charge over assets

if you are confused then that makes two of us