Hi LM77There was no mention or questioning of the loans in the...

Hi LM77

There was no mention or questioning of the loans in the public component of the meeting.

I did notice a shareholder questioning PB privately regarding the loans after the meeting, I didn't get the full picture and won't divulge a private conversation but I can say that that I believe that PB is aware of the loan's being due (as you would hope!) and it is my expectation that shareholders will be informed in due course.

My gut feeling is that there will have to be some shares sold to repay the loans - The loans are large and I didn't get the impression that the directors have bags of cash hidden away in their mattresses to repay.   This is based partially on my observations of Stu Crow's recent share sales.  When the loans were taken (as part of a company incentive) they obviously expected the share price to be significantly higher at repayment time and would have expected some sell down to repay. 

I'm assuming that they issued the loans rather than options as an incentive so that potential investors could see directors with some skin in the game.  The Mt. Peak development has obviously dragged on and things haven't gone to plan causing these loans to be a nuisance for the company.  In the event of options being issued, the options would have just expired worthless and we would have thought nothing of it as who would expect someone to convert out of the money options rather than buying on market?  Th loans may have sounded a good idea at the time but it just hasn't worked out.

My personal view is that I would like to see the loans extended for a year.  This provides an incentive to the directors to set a fire under the share price (via Mt. Peake delivery) and would avert a situation where directors are selling on market.  It would be no different to issuing new options.  However i'm sure that not everyone will agree with this.

Ill answer some more questions when I have a moment.