HMMThanks, So, if the USsubsidiary was to enter into insolvency...

HMM

Thanks,

So, if the USsubsidiary was to enter into insolvency (say a Chapter 11) what would thoseshares be worth? I would say nothing, zero, zilch. The US trustee of theChapter 11 would simply sell the available assets, take his/her fees, pay somelocal creditors and close his/her file. So I'm more interested in IBX:AUD'ssecurities and charges that it holds over the assets of its US subsidiary. Whenassessing risk (which has to include insolvency) I have no interest in the factthat IBX:AUD holds all shares in its US subsidiary. Those shares would beworthless in an insolvency. So I'm interested in what security IBX:AUDholds over the assets of its US subsidiary for funds advanced to its USsubsidiary to date. And, if a further CR is to occur, are you going to adviseshareholders that the funds so raised will simply be handed over to the USsubsidiary with no security?

Regards

Stretguy

	Sep 29, 2022, 11:26 AM
to me

Hi again, thanks for your notes. Youhave prompted me to setup some time with our lawyers to see what has / has notbeen done in respect of this previously.

In practice if one of two of the companies isinsolvent it is most likely that both will be (given the nature of how thegroup is ran – i.e. same management).

However, this doesn’t exclude somerandom/unforeseen type of scenarios that could lead to this not being the case.

I have seen examples of IP being held in itsown subsidiary to ensure it doesn’t get caught up in any unusual or unforeseenscenarios – I’m going to do some digging to see what has been discussed prior.