According to the 2014 annual report (because 2015 was never filed) GCN has utilised $1,710,123 of a total $2,500,000 loan facility from SSI. According to the GCN annual report the loan is in two parts. $1m has a 4.66% interest rate, no maturity date and is payable at the discretion of the GCN board. The other, $1.5m matured on Sept 2015 with no interest.
If $1m is open ended to be repaid whenever GCN says is one this. However, the liquidator can call in the additional $710k immediately and that sounds at a minimum what has happened. Worse case scenario is the Court Jester is up for the full amount in 21 days but best case scenario is he still has to find the $710,123.
GCN Price at posting:
0.8¢ Sentiment: Sell Disclosure: Not Held
