Hi macca, looks like you were right about the potentially new highly prospective project, it is not in New Guinea, but in Australia, which might be a typo?
As for the recovery of the WG, an auditor doubted the recoverability of the WG money! Sounds like IGS are trying to blame WG? Surely there is a "who's at fault" clause, although I cannot help thinking that IGS will be at fault!
Don't you just love the directors speak?
THE COMPANY UNDERSTANDS.......on first read seems to say that IGS will get $500k! On second read it reads a little different....
The company understands SFEG has $10m debt of which $4.5m is owed to IGS, there is $500k available for unsecured creditors, so IGS stand to get 45% of $500k = $225k it would have been easy to say "we only get $225k out of our $4.5M"
The $212k from WG is very doubtful and should not be counted.
$225k from SFEG will not go far in the scheme of things.
Maybe they should try and sell a few of the SFEG shares to get things moving?
Ann: Corporate Update-IGS.AX, page-5
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