Think you had better read the accounts a but better:
"During the period the Group amalgamated all development property loans to entities within the Indigo Group into one loan. The new loan is due for repayment on 29 November 2010 and bears interest at 20% per annum, payable in arrears on 31 December and 30 June each year. Security for the loan consists of mortgages over certain development properties and fixed and floating charges over various entities in the Indigo Group. All entities in the Indigo Group are related parties of Directors, Mitchell Neilsen and Lawrence Truce. There is a concentration of credit risk in that the loan, representing 95% of total assets, is owing by entities in the Indigo Group. The Group considered whether the loan was impaired at 31 December 2007. No indicators of impairment were identified. The Directors will continue to review the loan for indicators of impairment."
IPA Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
