monash can't be keen on ect where is the money, page-21

As i said before, could be waiting up to 2014 for this money.. ..and before its even issued it need shareholder approval (which i am sure will be given).
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No that is wrong adrunis84.

I posted the below (modified) a few weeks ago...

"In the event there are delays beyond 26 July 2012, Monash Capital has proposed a contingency program comprising the issuance of up to 300,000,000 Fully Paid Ordinary Shares (ESI) at $0.02, with 300,000,000 Options (ESIO). If the revised program is required and endorsed by the Board, funds would be provided to the Company as a Convertible Loan subject to Shareholder approval at an EGM. "

Had the above clarified to me today.

If July 26 passes and no $4m - ECT then get $6m cash... (ie we dont wait until the AGM to get the $6m). So we would go to the AGM WITH the cash ALREADY having been received and some having been spent.

Similar to Res 5 - ECT had already RECEIVED/spent the cash...and then it was voted on. If it was voted down - ECT would have had to pay Menzies back the cash. It was voted UP and Menzies received the shares.

At the AGM if we vote against it (haha) we would have to pay back the $6m. If we vote for it Monash get their ESI/ESIO and ECT get to keep the $6m.

The AGM would be a mere formality.

But how do we know WHEN Monash will pay the "up to $6m" ...?

That comes down to whether you think the post Aug 2011 ECT Board - Monash/Neil Youren - IMFA/Parry Agius are the real deal!