It would appear that as it underwritten that the Company will get the funds from the raising, this has to be a good thing as without these funds it had to ready to fall over the financial cliff! Lets hope that the Bank of East Asia problem goes away, although one has to ask how it came about in the first place as it was guarantee for a third party! At this stage they do not have title to the land so they are unable to sell it. There has always been a question as to where they stand with the deposits they have paid if they are not able to get the JV company registered. Despite telling us for many years that they are doing business plans for the land they have at this stage still not given us any idea of cost to generate income from the land. It seems that it has been leased to third parties. Given that most of the funds are going to pay the bank and get title to the land the remaining cash will be used for working capital. So the possible position after this will be, no debt (?) legal action solved, then what? IMHO it may be a project for scrip. Given the time waiting for something to happen I guess waiting a further 2 or 3 years will make no difference. It will also be interesting to see if there is any trades in the rights.
AAK Price at posting:
0.5¢ Sentiment: Sell Disclosure: Not Held
