Just a further note about etwg.In the July 6 teleconference,it...

Just a further note about etwg.
In the July 6 teleconference,it was confirmed that the banking convenants with ANZ required total liabilities not to exceed 80% of assets.
Apparently under the new international accounting standards IFRS,the WINes pref shares are supposed to be classified as interest bearing liabilities.
So I assume this would put E&T in breach of their banking covenants.
In yesterdays Prelim rpt, section 16,(other significant information)E&T say they have negotiated with ANZ an exemption for the accounting treatment under IFRS for WINes and plan to do the same for the etwg's so as not to breach their banking convenants and therefore be able to continue as a going concern.
So I don't think IFRS will affect interest payments on the notes.
ANZ have decided to back E&T,lets hope they are right and we see a clear plan emerge to get us back into profitability.