The first mention of the loan is in the independent report. It has never made it to the accounting statements.
Apparently the loan was made before that new company was even incorporated, so who knows what state the books are in.
I was originally thinking that there was mainly an issue with making material information known to the market, but now I think there is room to investigate a breach of the corporations act - in that this is obviously a related party transaction; one that arguably does not meet the exemptions under the act; and therefore needs shareholder approval to make the assets of Atacama holdings security for the loan.
thoughts anyone ?
MNE Price at posting:
0.1¢ Sentiment: None Disclosure: Held
