Brian Rodan Now Owns 138Million IDC Shares, page-57

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scanno

2,049 Posts.

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20/10/14

23:00

Post #: 14152505
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Originally posted by noobofwallstreet ↑

There's not enough market depth or volume for the big money to jump out. Hence it's probably why Genesis sold down small parcels last Wed, Thurs & Friday, if they sold down any substantial amount into the pitiful market depth as it is, they would smash the share price below 1c and into the abyss. Brian Rodan is really the only major to up his stake since the share price has suffered the recent massive decline, and that's because as the secured lender he's entitled to the following if they default (again) and can't repay the loan by it's due date of 31 Dec 2014:-

The security that the Financier will hold in respect of the Varied
Facility are as follows:
a. a first ranking general security agreement over all of the Company’s assets;
b. a first ranking fixed and floating charge over all assets owned by the Company’s
subsidiary, Summit Development Limited (Summit); and
c. a first ranking mortgage over Summit’s tenement lease in Papua New Guinea (PNG).

Someone with deep pockets is needed to save IDC, with current liabilities of $10m at 30 June 2014, and increasing, then add in the cost of completing the adit, they need a hell of a lot of cash money.
The quarterly due in a couple of weeks will be interesting.

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~~~~I,for one,would be delighted to see Mr.Roden take over the company now!Have worked alongside the man in the 80's,tho' in a different field,,started from the bottom and has been hugely successful with an acute business brain....pretty deep pockets and has family backup....scanno

IDC Price at posting: 1.6¢ Sentiment: Hold Disclosure: Held
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Brian Rodan Now Owns 138Million IDC Shares, page-57

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