Apparently they've reversed that impairment - see the next paragraph on page 11: "Following the novation, management have reassessed the loan's recoverability based on JBFG's ability to repay its debts and when they fall due and have reversed the previous period impairment made of $250,000 which has been taken directly to the profit and loss account."
Translation: "We got absolutely grilled about this loan impairment at the last AGM and we don't want to get grilled on it again this year. Especially after old man McAuliffe promised to "take it forward" and get answers to shareholders questions about it! The transaction did look pretty dodgy so we thought best to reverse it and do an even bigger impairment to the loan to JBL to make up for it. JBL's not looking that good right now so hopefully nobody will question it."
HML Price at posting:
$1.99 Sentiment: None Disclosure: Held
