I reckon the Magnis guarantee will be called upon now, no...

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emugrasshopper

313 Posts.

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24/03/24

10:31

Post #: 73030872
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Originally posted by pe981: ↑

Wading through those half yearly financial statements is quite interesting.
Getting rid of a lot of that big red ink from Im3NY must feel liberating and produced a profit to boot but clearly ASX were not convinced of a sudden change of focus at the stroke of a pen!!
Anyway, interesting to note that during the half year they had to guarantee a trade payable to a "former subsidiary" which they have noted as a contingent liability:-
"The Company provided a guarantee to a trade payable of a former subsidiary for an amount of
$4.824M (30 June 2023: $NIL)."
No other details provided however can only assume this is to guarantee an Im3NY trade payable who became a bit agitated during that half when not paid!?
If so, MNS will no doubt be hoping that Im3NY can be refinanced fully or if sold can meet all obligations or they may end up wearing this little debt too..........(No mention that guarantee had any supporting security, most likely not, so just another unsecured creditor, I suppose)

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I reckon the Magnis guarantee will be called upon now, no problem - chuchu will find a positive spin on this, he probably has the infamous Peter Foster giving him PR advice since DEC-PR ran away from signing announcements next to Frank Poulos Chairman of Magnis Energy Technologies

MNS Price at posting: 4.2¢ Sentiment: None Disclosure: Not Held
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0 Great analysis

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