Ann: Loan Agreement, page-6

syd,
i suggest u read top20 in the annual report, board members experience and history on its website, together with latest escrow release announcement... then u might come to the same conclusion as mine when i bought my 500k at 1.2/1.3:

1. diluted mc is about 2.8mil, out of which md and second in charge owns 70%.
2. if u presume top20 stay long term, the floating chips on the market will be less than 15,000,000 at worst, that 300k worth of stocks to be bought if they are available for sale... i mean if...
3. all key management has more than 10-15yrs in the company, not in the same industry, but same company... this alone worth lots of money....
4. its uk business is profitable, and oz business has completed restructuring
5. md loan is unsecured, and has one yr time to pay back, i guess if u take out his proportion of holding, it probably only cost him 1mil or around to waive the repayment and privitise the business, and leave the company as a shell to double down on his position..

whatever going to happen, its 5c north worth at any given day in my book