Pilot Episode - "An Indonesian based Company"
Given this companies continuous reluctance to tell the truth i'm thinking we should have some fun with it by releasing some "truth" on a regular basis, sort of like a mini-series.
The more thumbs up the deeper we will dive.
(disclaimer: all information in this episode is publicly available)
As per Announcement March 31 2018 – March Quarterly:
https://www.asx.com.au/asxpdf/20180501/pdf/43tp5jbrw70dhs.pdf
Page 4 of the financials section.
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Not one to play by the rules, the company fails to mention either the name of the
“Indonesian Based Company” or that the Short term loan facility is a
Secured Loan against
ALL assets of CuDeco’s wholly owned subsidiary CLONCURRY INFRASTRUCTURE PTY LTD (ACN 099 764 342)
As per PPSR Registration number: 201802130061943
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OK so we now know that the Indonesian company P.T Kemala Shipping has a charge over the companies infrastructure assets including a mortgage on the town office and accommodation.
CLONCURRY INFRASTRUCTURE PTY LTD (ACN 099 764 342) owns a heap of property in Cloncurry but the only registered mortgage seems to be Mortgage No 718577667, which is a Mortgage over Lot 1 (68) McIlwraith St Cloncurry.
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So why the interest in this property?
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Turns out Lot 1 (68) McIlwraith St is the CuDeco “compound” in Cloncurry.
Pictures a bit fuzzy but from here it looks like:
40 Single man cabins - 1 Crib Room, 2 Laundries
1 Office Block – 1 Fish Pond, Reception, 8 enclosed offices, Data Room, 10 workstations & I’m guessing 3 board rooms
1 large Storage Shed, maybe 800m2
To put it in perspective the Discovery Caravan Park down the road charges $120-$130 per night for accommodation including food. Let’s say $100 a night flat, no food.
40 cabins x $100 a night x 365 days = $1,460,000 per year
just for the cabins (provided you can find someone to fill them)
Tune in tomorrow to find out how an Indonesian Shipping company ended up with a mortgage over all of CuDeco’s infrastructure assets and why this is important to you as a Shareholder.
Spoiler : Outake You know that local caravan park we used an example above. Yeah, they own
ALL of CuDeco too.
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