Ann: Response to Appendix 4C Query, page-8

It's THE SMELL OF AN OILY RAG........

Should have put that in his last 4C

Hotel hopes high

Welcome to Jermaine Jackson's luxury hotel chain, to be developed in a joint venture with a cash-strapped Australian tech company.

It sounds absurd, but it's not April 1 and GoConnect chief executive Richard Li seems serious about the whole thing.

The company, which at the end of March had $1170 in the bank, reckons it is going to open Jermajesty - no, really - hotels in Australia, New Zealand and China.

Li wouldn't give the address of the first hotel, which is apparently being built by the authorities of Chinese megacity Tianjin.

''The local government has already constructed the superstructure and they will be constructing and fitting out the rooms to our standard,'' Li told CBD. He said there would be 350 rooms, or ''maybe less because some of the rooms may have to be enlarged to Jermajesty standard''.

Li said Thai hotel industry veteran Prarob Mokaves would run the joint venture, Jermajesty Holdings, which is to be 20 per cent owned by GoConnect, 60 per cent by Jackson (or Jacksun, as he calls himself these days).

The remaining 20 per cent is to be owned by an investor whom Li wouldn't identify, but who CBD suspects is probably Mokaves.

So how is this, GoConnect's second JV with Jackson, all to be funded? GoConnect may not have any cash, but Li said there was ''no shortage of money'' available, probably through a real estate trust structure to be set up in the US.

''We always live off the smell of an oily rag for 13 years - we're good at that,'' he said. ''It's good discipline, you know.'

From http://www.smh.com.au/business/palmer-makes-pitch-for-cash-20130611-2o22m.html​