I have been banging on for 2 months about how OLY was out of money and that they must have been using the bank Overdraft.
But no, they found a pot of gold. They have a (previously undisclosed) loan facility with TTY, which they must have taken out post 31/12/2007 for $2m of which they have drawn down $1m and all must be repaid by 27 June 2008.
Why wasn't this disclosed to the market by OLY? Is it secured and if so over what? For a company with a then market cap of about $9m to enter into a loan facility of $2m it must be a material amount and if so why did this board choose not to disclose this loan and all of its material terms?
What about continuous disclosure? Like yuesterday's appalling inaction by OLY's board in not seeking an immediate trading halt, its just more of the same. Treat the market and shareholders like complete dopes.
No doubt as usual the ASX will do nothing about these cowboys.
So if anyone is expecting this board to fight for a better deal or for anyone to try and outbid TTY's offer good luck.
They have just complicitly stuck their heads in the noose and are going to let the shareholders get totally rogered.
Inept
OLY Price at posting:
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