ive just been through the loan documents and deed which is...

ive just been through the loan documents and deed which is referred to in the 604 notice.

Several interesting points.

1. The deed and the loan are executed in Australia under the Corps Act 2001;

2. There is no mention or reference within the loan or deed to SS&T having to complete any further transactions (either with PLV or Timeone), ie this is a stand alone loan arrangement with security against Timeone's PLV shares. (pretty poor in this regard)

3. The maturity of the loan is 30 September 2012, in which repayment must occur

4. Interest rate is 0% pa (sweet deal!)

5. default interest rate upon non-repayment is 12% pa

6. The loan amount is approx $7m (US$2m and AU$5m)

7. Timeone were not supposed to transfer or sell the securities without SS&T's written consent

8. i assume WEG/Timeone will repay the loan(or at least try to) on 30 September 2012 and get rid of SS&T

9. either way, it doesnt directly impact PLV unless SS&T are successful in claiming the secured PLV shares from Timeone/WEG in lieu of repayment of the loan.

10. total security is 48m odd PLV shares, of which the $7m would have only directly paid for approx 19.7m PLV shares at 35.5 cents each. Which means SS&T would probably try to claim 100% (or near enough) of the WEG shares as compensation upon default (if they can) as $7m divided by $0.17 (PLV share price) is 41.2m shares

here's hoping......they fail!