APG Chairman Cuthbertson has lent APG $100k.APG had reached such...

APG Chairman Cuthbertson has lent APG $100k.
APG had reached such a desperate financial state under Cuthbertson's chairmanship - that APG would not have been able to continue trading without this loan.
Cuthbertson charges 10% pa on this loan.
Coincidentally this $100k owed to Cuthbertson - would make Cuthbertson, one of the first claimants over any remaining assets of APG if the company was to go into recievership.



Cuthbertson currently holds 1.5 million Employee Partly Paid (to 1cent) shares (PP) - which he HAS NOT PAID for !!

Shareholders have been told repeatedly that the 1 cent is PAYED BY THE RECIPIENT of the PP shares (in this case Cuthbertson).
On 22 Nov 2011, Cuthbertson recieved this allocation of 1.5 million PP shares - but the fully audited Annual report(FY ending 30/6/2012) shows that NO MONEY WAS RECIEVED from Cuthbertson for these PP shares.

Back in Nov 2011,when he recieved his PP shares - Cuthbertson should have paid 1 cent multiplied by 1.5 million PP shares = $15,000.
APG is actually still owed $15,000 by Cuthbertson from 10 years ago.
If APG charges 10% pa on this loan for the 10 years - then Cuthbertson owes $38,906.14 to APG today.


Over the years Cuthbertson has recieved in total over 7 million Partly Paid(to 1 cent) shares.
If Cuthbertson had paid the 1 cent when he recieved these 7 million PP shares - then APG would have recieved $70,000 from Cuthbertson.

If Cuthbertson DID NOT PAY for these 7 million PP shares - then APG is still owed $70,000 by Cuthbertson.
If APG charges 10% pa, for the 10 years - then Cuthbertson could owe $181,561.97 to APG today.


How can the directors of any company allow shares to be issued without recieving the payment due on those shares ????

Wilcox