Great read there from SDW. That is absurdity at its finest and...

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chocbloc

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13/11/14

23:13

Post #: 14287746
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Originally posted by sharedawealth ↑

Key facts provided in the FAS 2013-14 Annual Report

Financial:
1) The auditors where unable to obtain sufficient evidence to provide a basis for an opinion as a going concern.
2) FAS are in $12.4 million debt with a weighted average interest rate of 37% per annum.
3) FAS made a total loss of $6.6 million for the year.
4) FAS has $25,000 left in the bank.
5) FAS made $4.8 million issuing shares for the year.
6) FAS is currently in engaged in two separate lawsuits from creditors.

Directors Remuneration:
7) Kevin Robertson's remuneration was $440,000 plus another $500,000 was paid to related parties of Kevin Robertson.
8) Con Markopoulous remuneration was $410,000.

SHIP (iron ore deposit):
9) The main SHIP tenement is mortgaged.
10) FAS has a number of royalty agreements over the FAS tenement to pay 0.75% gross revenue plus up to aadditional $4.65 per tonne. As part of this royalty agreement FAS has to pay an annual fee of $600.000 while no mining is occurring. FAS has also promised a separate creditor the first $1.5 million earned from SHIP.

Investor related:
11) FAS has about 1.8 billion shares on issue.
12) FAS no longer has any GWR shares as they have been sold by creditors.
13) FAS has a market cap of $7.6 million.
14) You can become a top 20 FAS holder by purchasing 10 million shares which is about $40,000.
15) There are 5,417 FAS shareholders.

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Great read there from SDW. That is absurdity at its finest and thankfully the ASX has stood up and opened their eyes to this shemozzle.

IMO, the SHIP has sailed. (Hehe...)

FAS Price at posting: 0.4¢ Sentiment: None Disclosure: Not Held
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0 Great analysis

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Great read there from SDW. That is absurdity at its finest and...

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