fas sold gwr shares, page-2

Kate - FAS has not sold any GWR shares - they are just being held as security. But, yes you might as well consider them sold as I will explain.

In 2009 FAS transferred 6 million GWR shares to Walthamstow Pty Lt as security for a ridiculous interest loan back in 2009. See page 5 of the 2009 half year annual report.

Walthamstow Pty Lt now have 8.5 million GWR shares as of the latest GWR top 20 shareholding list recently released. IMO this is because FAS failed to pay back the loan when it was due in July 2010 and as a consequence FAS offered a further 2.5 million GWR shares as security to Walthamstow.

So while FAS has not technically 'sold' any GWR shares you might as well take those 8.5 million Walthamstow out of your equation when calculating the net-worth of FAS.

The remaining 5 million shares that FAS have in GWR are also near worthless to FAS as GWR shares are only worth 40cents now with no buyers to offload too.

FAS would have been better selling those GWR shares off when they could. Instead FAS (which once controlled around 30% of GWR) now only controls 2.77% and the only benefit they have got from having these shares is an expensive lawsuit (OPES) and a death spiral loan that they will never pay off.