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Ann: Shareholder Update, page-29

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Busy Bean

731 Posts.

318

21/06/18

14:16

Post #: 33858672
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Originally posted by Warnie ↑

So we have the following:

FC state the following is owed to them via AVS

funds advanced 42,791,648
Interest 13,513,152
Cancellation fee 11,941,824
Total owed 68,246,624

less 23,084,968 (held in bank)
owed $45, 161,656

They are proposing to buy the assets of BRTV for $30m.

So FC capital end up with:

Cash lent out $42m
Cash back in $23m
"Out of pocket" $19m

Then FC lease the assets back to BRTV or BIG Un for (amount owed to them up to $45m)
which will eventually "maybe" extinguish the debt but won't give BIG ownership of the assets.

So FC will receive in time, $45m on their $19m exposure, and keep the assets 100% and 3m shares or more in BIG.

Not bad hey?

Am I right or does BIG then only owe $45m less $30m (value of purchase)????? So $15m ???

**Sonia states as director signoff that $56m is owing and not $68m, the difference being the "cancellation" fee, seems to be in dispute.

I also read the agreement will be made so that BIG can continue to operate "in Australia"
I find that pertinent as it distinguishably states Australia, but nowhere else?

Expand

Isn't it ASCV that now own all the debt, as they purchased it from FC a few weeks ago?

My understanding is that it's ASCV that wants to buy the assets and licence them back to BIG.

BIG Price at posting: $2.22 Sentiment: Hold Disclosure: Held
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