The terms of pay back are unpromising for MED. According to the agreement, as set out in the last financial report, AXIS does not have to pay actual money back to you shareholders of MED!
Look at the last sentence.
page 60
Unsecured advances have been made to AXIS. A formal loan agreement was put in place during the year. The loan is repayable in June 2020. The interest rate on monies advanced during the year was 8.78% (2017: 8.70% to 8.80%). The nature of the consideration to be provided in settlement is through services provided or repayment in cash or shares.
MED could end up with a garbage can full of AXIS shares in payment. Whoopee!
Who values the services? $15 million for the service of providing coffee every morning? After all, MED and AXIS sit at different desks in the same office - in fact probably at the same desk.
I think it all stinks. I hope that ASIC is looking into things - not just ASX.
Ann: Responses to ASX Queries, page-40
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