Ann: Acquisition of Senior Secured Debt Facility, page-80

So it was a smart move to borrow the funds, give away first ranking security over all of GXY assets to BNP when it had cash on hand probably earning next to nothing.?

where does the 5% come from.?

Lets assume its true 5% and people are saying how smart it is to make 10%

Firstly that assumes a40 keep up with payments,,,lets assume they (a40) continue to work for GXY and pay the nice fees on the payday loan facilities the current CEO signed up for



why not make 14%, 40% more by using cash with earning next to no return (say 1%). Its not like there are actually any pressing development needs



Anyway they should and could have imo done this long ago, they had two opportunities but it took Turnbull to say he was buying equity and the debt and GXY finally woke up,



Anyway done now, GXY now hold the keys - after paying out Tribeca's loan balance and all fees it would have been entitled to.

Tribeca clearly very good at managing other people money unlike the directors of these two companies imo

Will be interesting now to see how they take total control of a40 and if they as I suspect also make a move onto a converter


Im sure it will make for a big distraction from the financials they are about to serve up.

Good luck