I thought you were too busy to partake in the OLI discussions...

I thought you were too busy to partake in the OLI discussions @plough. You may want to abide by your promise, as your ignorance is showing...

PURE are 100% out of the picture. Essentially, PURE 'sold' the Oliver's loan to Michael Gregg and Gelba (Martin Green) for $5M. Michael Gregg and Gelba now have 'first dibs' to all of Oliver's assets should Oliver's fold, as per the PURE loan agreement.

Oliver's is now completely under the control of Michael Greg and Gelba. Martin Green (Gelba) is already on the board. Now Michael Gregg (or an affiliate) will also be on the board. Kim Wood is a 100% neutral party. Steve Metter has invested heavily in Oliver's through Twenty Second Sepelda, so he won't be leaving the board. My guess is they will simply add an extra seat to the board.

Michael Gregg and Martin Green obviously think there is something to salvage. Jason Gunn's entrepreneurial abilities don't hold a candle to either of these guys. If anyone can pull a rabbit out of this had, my money would be on Gregg/Gelba. But it's going to be a long, slow recovery.

If Oliver's can't turn around generate a decent quarterly profit in the next 24 months, they will have difficulty refinancing the loan facility (unless Gregg/Gelba choose to renew it).

Personally, I sit between @clarevale and @dmcd - Not 100% pessimistic, not 100% optimistic.

The next 6-12 months as NSW and Victoria come out of lockdown and into 'living with Covid' will be very telling.

One thing is 100% certain - Jason Gunn is out of the picture, and will NEVER return. If Michael Gregg and Martin Green turn this around, it will absolutely demonstrate how woefully incompetent Jason was (not the Gregg / Gelba succeeding is needed to prove that)

@clarevale hopefully you will see a return on your investment - but I doubt it will be for quite a few years yet