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11.5¢ weststar industrial limited

yes 10% is always nice interest. But obviously 24 Prowse Str....

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rae915

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18/01/19

01:43

Post #: 37150561
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Originally posted by Warnie ↑

Just reading the annual report seems this company is also into property development.

I don't have a real issue with it other than inherent risk, but I do take issue when funds are being used to fund a director's own development:

24 Prowse Street Pty Ltd On 12 June 2018, WestStar announced that Distinct Developments Pty Ltd (“Distinct” has secured a management contract (the “Contract” for the design and construction of a commercial mixed-use building (the “Project” in West Perth, Western Australia. To fast-track the development, Distinct made a working capital facility (“Facility” of $750,000 available to the owner, 24 Prowse Street Pty Ltd, for the purposes of assisting with the property settlement, design consultants, development approvals, rates and taxes. The Facility is provided with an interest rate of 10% per annum payable to Distinct with a 36 months’ maturity period. Mr Mark Dimasi is a director of 24 Prowse Street Pty Ltd.

Anyway this one came up on my charts so here to trade the trade.

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yes 10% is always nice interest. But obviously 24 Prowse Str. doesn't have enough of their own capital. So who is paying for the construction materials? Another loan from another source.? if problems arise...what then.?

WSI Price at posting: 1.6¢ Sentiment: None Disclosure: Held
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Last 11.5¢		Change 0.000(0.00%)		Mkt cap ! $14.13M

Open	High	Low	Value	Volume
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No.	Vol.	Price($)
4	419030	11.0¢

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Price($)	Vol.	No.
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No.	Vol.	Price($)
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Price($)	Vol.	No.
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