busy sunday

Auditors and directors of FAS were busy over the weekend signing accounts and audit report on Sunday.

The audit report is worth reading for every FAS holder. Have not seen one like that for some time and it is very sobering reading. Finance facilities for $2.7m fall due on 8/10/12, a further $1.3m on 12/10 and take note of the interest rates under the various loan facilities. The one month facility drawn down in September 12 has an effective interest rate of 360%, the $2.7m facility due 8/10 36% and on it goes. They had trade creditors at 30 June 12 over 90 days of in excess of $1m.

This is going to get real ugly in my view.