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bocasubi

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31/07/24

17:04

Post #: 75010178
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Originally posted by Shortblack: ↑

During the June quarter Fred desperately needed cash to keep the company afloat - to repay a noteholder & cover running costs.
It's pretty obvious that he had trouble getting his hands on the cash he needed quickly & directly, because he ended up taking $2mil out of the bank account of Phoslock (unsecured loan @ 5% interest).

This money ran through his web of corporate entities, then after deducting a 10% fee, he deposited it into the bank account of AKP.
Of course his corporate group had to repay this money to Phoslock during July because BIG no no, but it shows his desperation.

On the face of it it would seem that his Sleeping Giants/James Lane businesses are funding AKP. Wonder if their creditors are becoming nervous? Is he going to send that business broke AGAIN ?

So at the end of June the company had enough cash to get through one more month, and that month ends today. Which bank account will he raid this time?
Or will he even bother?

Interesting that they are planning to hold the AGM late September/early October.
The convertible notes ($4.5mil) fall due 30th September.

And no, the Chinese are not going to be doing anything for this broke arse company.

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I bet you're super fun at parties.

AKP Price at posting: $6.20 Sentiment: None Disclosure: Held
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