Ann: Announcement from Liquidator - 30 June 2021, page-12

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Scott th Ratbag

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29/07/21

15:54

Post #: 54875316
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Originally posted by grussellt: ↑

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.

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the IP model of converting plastics (pyrolysis) to fuel is already in use in other companies in US, UK and India.

IGE Price at posting: 13.0¢ Sentiment: None Disclosure: Held
3 Upvote

0 Great analysis

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