I assume the liquidator might need to take a look at the transfer as well. In the last audited accounts the Chairman had no security for the outstanding loan and IGE made no announcement since then on granting security for the loan, which also had performance conditions.
"Loan amounts and interest accrued payable to related parties of Paul Dickson have been capitalised and capped as part of a success fee negotiation. The amounts are entirely unsecured and provided on inferior terms to those offered to unrelated parties at the time of inception. The Company was unable to secure any external source of funding for this amount at this time. The loan offer and terms where offered to all Directors and all rejected the offer with the exception of Paul Dickson. The outstanding amounts only become payable upon completion of the following deliverables: 1) Provision of full funding for the initial IGES plastics to fuel site; 2) Capacity to generate fuel at the initial site; and 3) Commissioning of initial kiln These deliverables are a prerequisite to ensure the Company is able to successfully roll out its plastic to fuel technology at its initial site. Having this initial site developed to commissioning will act as the cornerstone to develop all future opportunities for the Company. The total amount accrued under this agreement as at 30 June 2019 is $9,601,171."
I also wonder if the IP is worth fighting over.
IGE Price at posting:
13.0¢ Sentiment: None Disclosure: Not Held