what the actual f*uck. A loan to Fred Bart - unsecured at 5% is...

what the actual f*uck. A loan to Fred Bart - unsecured at 5% is f###king outrageous. I’ll be writing as much to the company before they try to pull any barnyard shit like this again.

an unsecured loan at 5% to a director do not appear to me to be anywhere near commercial arms length terms. The test is not whether it is better than terms of a bank deposit. They are very different risks. I don’t know
of any lender who would lend $2m at 5% with zero security.

in the absence of it being clearly arms length - they must get shareholder approval.

F*ck me swinging. This is some of the worst governance in plain sight I have seen!