Go back through prior years annual reports, the AXIS loan is there and impaired.
2015 annual report..
Transactions with Directors and related persons have been entered into under terms and conditions no more favourable than those the entity would have adopted if dealing at arm’s length except that there are no fixed terms for repayment of loans between the parties, no security has been provided and no interest has been charged. AXIS Consultants Pty Ltd (‘AXIS’
, a company of which Mr. J I Gutnick and Dr D S Tyrwhitt are directors, provided management services to the Company for the year. pg 51 Outstanding Balance $8.5mill
2016 annual report pg. 41 Outstanding Balance $8.6mill
2017 annual report pg. 12 Outstanding Balance $12 mill
2018 annual report pg. 12 Outstanding Balance $14 mill
My point is all of this is NOTHING new to the market, like some kind of unexpected bombshell.... no! The ASX is asking questions about a long standing loan arrangement with AXIS because the prior annual report was late and drew their attention. Should shareholders be happy about the responses and lack of governance over use of company funds... no! However it is certainly nothing new at all, the loans have been on the books for a long time.
