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clock Created with Sketch. 30/11/14
16:45
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Originally posted by attheopen
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Let's look at the facts. Court order against Goconnect Pty Ltd, a 100% owned and controlled subsidiary of Goconnect Ltd which was a result of an ATO debt of $365,679.44 unpaid. 100% owned and controlled by GCN Ltd. If found to be trading insolvent, this would have repercussions back to GCN Ltd and it's board of directors. Now the board's solution is to place the subsidiary into voluntary administration. Why didn't the board do just that prior to the court hearing? Can you now wind the clock back? Why would the liquidator allow voluntary administration now? As the liquidator digs deeper more information will come to hand. Eventually the corporate veil could be lifted and the board could be held liable. Depending on the investigation of course. Could the liquidator ask for board member's passports as the investigation proceeds? GCN balance sheet. What is there to pick at here? What would the goodwill be worth on the market today? IPTV technology has become a standard that can be quickly purchased off the shelf. No content to serve means no real value especially when one looks at Apple TV and Google Chromecast. Any venture in China has yet to delver revenue and to even commence such a strategy needs a capital injection as nobody works for free. GCN staff. Diligas reported that all staff were recently terminated by the liquidator. Can someone please confirm as this would explain the lack of updates on the GCN controlled websites and SIS still addressed in High st Prahran. Debt for equity. So the SIS loan to GCN is to be converted into equity? This in itself will not create a cash flow for GCN to get itself out of this predicament. The liquidator will probably be investigating this loan? Recent issue of options. Were these issued for performance or payment in kind? Priority 1. Is this ever going to list and help save GCN? First Mongolian. No go! Centurion. They quickly pulled out and will they come back to support GCN? Reading the last release, GCN may think they have a well defined strategy but reality and facts will dictate the future. Interesting to see the spread between the current bid and offer of this security given the current situation.
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As I Understand it all the assets(if any) and liabilities (that includes all staff wages etc )are held in GCN Australia Limited,so I guess if a deal can be done with the liquidator than GCN Limited that is the listed entity will survive for the time being anyway .
Last edited by
darcy7 :
30/11/14
