Yesterday there was 1 trade of 1,000 shares,at 1.6c, representing a bankrupting sum of $16.
What could be the motivation behind that? Is it that Shareholders have access to greater info than non shareholders? If this is the case, does that mean potential puchasers of apartments at Oceanique are not privy to that same info? If it was to attend an AGM, is there one before 30th Oct.? What has not been made public is,given that St George Bank down-graded the value of the Company's assets,are shareholders being told just what that value was, and what is the existing LVR now ?
Also which fund held the $2M, which is now allowed to be accessed for general business,and what are the implications? What is the total debt now to the Bank and what is the interest rate? For example, $40M @ 5% = $2M pa,or $833,000 for 5 months to end of Oct.How long can that $2M really last,and is the time frame incorporating some expected Oceanique sales? There will be ongoing rates and maintenance costs for Oceanique, Point Grey, Esperance etc,
There may be office rent, possibly some ongoing legal costs and salaries. As when Ross Newman left, will any of the $2M contribute to a payout to Lee Varios ?Speaking of that and given that every dollar now counts, when Ross left and forfeited his deposit, he said that if his financial circumstances changed he would attempt to honour his commitments (or words similar to that). I understand Ross has sold his farm at Margaret River, Does this mean now he could honour that commitment,at least in part? This would also be consistent with the Company's commitment to pursue those uncompleted contracts vigorously.
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