A good artcle in this weekends Australian. I am sure our directors have done the right thing by exiting this agreement.
Lind has a chequered history including Metal Storm and Range Resources. Range had a similar funding arrangement to ours, having drawn down 5.5 million of a 15 million facility. The share price collapsed through Lind selling stock it was issued as repayment for the loan. Lind swiftly lodged a statutory demand for 7.2 million despite Range's offer to buy back Linds convertible security through a new 60 million funding package.
As an aside, I had a chuckle at W27's recent post when he said ' At the time Garner sold I suggested he was selling to take up his entitlement in the rights issue' when in fact at the time March 26 W27 posted ' he was selling because he is short of money and has no income.' Maybe is getting confused with my alter ego, because on March 27 I posted my reply which was 'My guess is he will use the proceeds of the recent sale to buy back through thr rights offer at 2.5 cents'
IVX Price at posting:
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