Ann: Appendix 4C - quarterly, page-6

Today's quarterly states that an unsecured loan facility is provided to GCN by Sino Investment Services Pty Ltd (SIS).

Now SIS is one of Richard Li's companies, which got itself into the news in 2016:

https://asic.gov.au/about-asic/news-centre/find-a-media-release/2016-releases/16-042mr-asic-accepts-enforceable-undertaking-from-sino-investment-services-and-director-richard-li/

ASIC's announcement on 23 February 2016 states that:

"Finally, both SIS and Mr Li have agreed to not reapply for an AFS [Australian Financial Services] licence nor provide financial services in any capacity for a period of 10 years from the date of the EU." My emphasis.

Page 4 of today's quarterly states that financing facilities available from SIS at the quarter end total $2.0 million, of which the amount drawn is $1.434 million.

Curiously, if we look back to 31 July 2017 (more than one year after ASIC announced the undertaking) we see that the financing facility available then was no longer the $2.0 million it is now, but a much smaller $1.60 million. The amount drawn was also a smaller value of $1.086 million.

Now obviously Richard Li is not going to flout the undertaking given to ASIC - to not provide financial services in any capacity. So can anybody suggest how it comes about that SIS nevertheless provided a financial service that increased its loan to GCN by $400,000?