Please get your facts regarding security for 100% of TBA assets....

First 36 Last

Share
Profile

Follow
tigertiger2

428 Posts.

67

20/04/23

07:24

Post #: 67366600
Share

Originally posted by Mentalist123: ↑

Sydney you are right and wrong. I was advised by lawyers, there is more to it than that. TBA had a market cap of $34m based on it assets at the time and mortgaged 100% of the assets for 12% ($4.25m of the assets. ) The assets were mortgaged at 100% for 12% of the assets. Why? $4.25m in exchange at the time, being at the time only 12% of the market capitalization of TBA. To sell or mortgage a substantial asset ASX listing rule 10.1 among others “ if the asset is in the opinion of the ASX valued at more than 5% of the total assts of the company is considered substantial assets. Read on thru the jargon. Need shareholders approval. In this case has offered 100% of the assets.even substantial assets worth only 5% need approval of shareholders let alone 100%. In case of receivers being appointed, the lenders cannot be considered preferred creditors and need to line up behind the rest of the creditors estimated in total including binding contracts at around $30m including the $4.25m plus interest loan. Going to be messy if comes to winding it up. Auditors will need a big solid policy I was told the auditors will be in deepest sh#t who have sat on their hands, as has the ASX who have turned a blind eye will also be in firing line of claims for non action. This is what I’m told. I have apart from the muddies bites on my fingers, found out a week ago have a bleed on the brain in a little vessel. (Affecting my motion in my legs If not self healing in a week have to have a “weld job.” Welder pipe up the groin to brain, they tell me Can’t drive car either atm either and can’t type. Between brain bleed, Tombola, mudvrab bites and a mess. But still upright ——. j u s t. Hehe So if I go quiet for a week you will know why. I’m on this case till we get some justice. I hope it all works out well for us but having to live thru this incessantly nightmare caused by really uncaring inexperienced fools who have destroyed the entire value of a promising venture due to greed and incompetence. What a crying shame. My wife is much better at typing than me. I wish all holders well and don’t assume all company’s are managed like these fools. IGO saved me. Got in recently at around $12.40 and seeing twiggy coming in, is a great joy to me. Recent valuation of IGO, at $19.50. Saved my financial arse from this train wreck. Good luck guys.

Expand

Please get your facts regarding security for 100% of TBA assets. I checked the ML for the security of the loan. Those relate to LORENA ML ONLY.

TBA Price at posting: 2.6¢ Sentiment: Hold Disclosure: Held
1 Upvote

0 Great analysis

Reply