“The facility is secured against the Company’s assets”Don’t tell...

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Mutley8

2,722 Posts.

1265

15/11/19

10:10

Post #: 41440575
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Originally posted by MeToo: ↑

There is no such thing as common sense, it was thrown out years ago. What is common sense to you may not be common sense to someone else.

I have no idea why they are doing what ever it is they are doing.

For all I know......They might just be working thru things bit by bit to help preserve cash.

With $4k cash at the time of the last quarterly and now a loan facility of $250k the money will not last long. Lawyers, auditors, AGM’s and annual reports are not cheap.
(But these are another story)

(Expected current Q. cash out was noted as $153k)

Quote -

“A$250k loan facility was obtained post the quarters end from a number of the Company’s major shareholders.

Drawings under the facility are available to be made to meet any creditor payments that become due and payable.

The facility is secured against the Company’s assets, attracts an interest rate of 10% p.a., and subject to any shareholder or regulatory approval, can be converted into ordinary shares in the Company upon the reinstatement of the Company to trading on the ASX.” end quote.

All I can base my thoughts on are press releases. And one thing that I have learnt over the years is to be extremely careful of company announcements (spin).

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“The facility is secured against the Company’s assets”

Don’t tell @ozblue that, he’s posted repetitively the company has no assets so he will have to add that one too to his forever growing list of mistakes!

WFE Price at posting: 2.4¢ Sentiment: Buy Disclosure: Held
13 Upvote

0 Great analysis

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