Pilot Episode - "An Indonesian based Company"
Given this companies continuous reluctance to tell the truth i'm thinking we should have some fun with it by releasing some "truth" on a regular basis, sort of like a mini-series.
The more thumbs up the deeper we will dive.
(disclaimer: all information in this episode is publicly available)
As per Announcement March 31 2018 – March Quarterly: https://www.asx.com.au/asxpdf/20180501/pdf/43tp5jbrw70dhs.pdf
Page 4 of the financials section.
Not one to play by the rules, the company fails to mention either the name of the “Indonesian Based Company” or that the Short term loan facility is a Secured Loan against ALL assets of CuDeco’s wholly owned subsidiary CLONCURRY INFRASTRUCTURE PTY LTD (ACN 099 764 342)
As per PPSR Registration number: 201802130061943
OK so we now know that the Indonesian company P.T Kemala Shipping has a charge over the companies infrastructure assets including a mortgage on the town office and accommodation.
CLONCURRY INFRASTRUCTURE PTY LTD (ACN 099 764 342) owns a heap of property in Cloncurry but the only registered mortgage seems to be Mortgage No 718577667, which is a Mortgage over Lot 1 (68) McIlwraith St Cloncurry.
So why the interest in this property?
Turns out Lot 1 (68) McIlwraith St is the CuDeco “compound” in Cloncurry.
Pictures a bit fuzzy but from here it looks like:
- 40 Single man cabins - 1 Crib Room, 2 Laundries
- 1 Office Block – 1 Fish Pond, Reception, 8 enclosed offices, Data Room, 10 workstations & I’m guessing 3 board rooms
- 1 large Storage Shed, maybe 800m2
To put it in perspective the Discovery Caravan Park down the road charges $120-$130 per night for accommodation including food. Let’s say $100 a night flat, no food.
40 cabins x $100 a night x 365 days = $1,460,000 per year
just for the cabins (provided you can find someone to fill them)
Tune in tomorrow to find out how an Indonesian Shipping company ended up with a mortgage over all of CuDeco’s infrastructure assets and why this is important to you as a Shareholder.
You know that local caravan park we used an example above. Yeah, they own ALL of CuDeco too.
