Ann: Alteration to Notice of Meeting , page-7

Is anyone on the EDM thread a Perth resident and planning to go to the AGM next week?
Would be good if someone could hit them with the questions raised by SRF above - especially in terms of the outstanding loans. The bulk of that $1.5m is owed by Modena ($1.25m) who had a cash balance at Sept 30 of just a fraction of this and they have been in suspension for the last 6 weeks as the new board attempts to sort out the mess left by the previous board (not surprisingly the same board that has left EDM in tatters). The likelihood of getting the money out of them in the short term (if at all) seems unlikely.
Then there's the small matter of the $1.75m that was loaned to Acclaim (AEX) back in the June 10 quarter that appears to have vanished. This was another "short term bridging loan, repayable in 60 days" (source: EDM 2010 Annual report) - from what I can tell only about $200K was ever repaid. The EDM annual report from last year states that AEX's Project Mangalisa was used as a security charge although the AEX 2011 annual report contradicts this stating the loan was unsecured. That project was terminated by AEX in March 2011. Does this mean the outstanding $1.55m disappeared with that project?
EDM shows this amount as outstanding in their half yearly report at 31/12/10 but then make no mention of it in their recent 2011 annual report. However, it is still noted in the AEX annual report for 2011.
I find it unbelievable that all of the lendings and borrowings between the companies controlled by Hamilton & Co over the last couple of years can take place with no security offered (or asked for) and seemingly with little or no plan in place to actually repay the loans under the terms that they were initially provided. And further to that, why does this sort of practice not need to be announced to the market when it takes place? Perhaps I am not up to speed with the ASX listing rules but as a shareholder I would consider these things to be "somewhat" material. How can a company that needs to consistently raise funds to keep its head above water keep making outrageous loans to other companies who really aren't in a position to pay them back???
I imagine the conversation to go something like this;
Director 1: Hi, how's things going over at your company?
Director 2: Great thanks but we sure could use some extra cash right now?
D1: No worries, we just did a huge cap raising. How much do you need?
D2: About $1.7m should do - I'll be able to pay you back in the next couple of months.
D1: Sure, take your time. I know you're good for it.
The irony is D1 & D2 are the same person!!!
As you all know that person is no longer involved in EDM but funnily enough, after also "resigning" from AEX at the same time, he has recently been reinstated as a non-executive director at AEX!! Perhaps when EDM find someone to actually work at the company for more than a few weeks, they can kindly ask for the rest of the money back!!

You'll see my sentiment is "Hold" - basically because it is hardly worth selling at the moment and the only downside from here is the company itself disappearing.
The Burkina Faso project is great and thankfully being managed by someone else - hopefully EDM can uphold its contractual obligations to stay in it.
The Baita project seems to have good potential but the only information that we have on this was fed to us by the previous management so therefore lacks any credibility. Hopefully, we will learn more about this soon - or we will also be walking away from a $3.7m deposit.