If they were to call in the loan we have 7c backing per share..
In essence we are pretty well protected at these prices in the event of a default.
I also re-ran my spreadsheet last night. I was accounting for 6mil in admin expenses as per last years annual report. They are doing 3.2mil p.a. (with staff redunandcies and new office not taking full effect). So i expect this to drop a bit more.
Also i accounted for exploration of 3mil.. it was $0..
There is a saving of 6mil p.a. (thats why i topped up, not too worried about the loan default, they wont call it in, they just gave it out)
TGS Price at posting:
2.5¢ Sentiment: Hold Disclosure: Held