Notice to Remove Director - Corps Act, page-77

It might be a good idea before the AGM if shareholders had some realistic idea of the funds that will be required by APG in FY19.
Firstly you should look at the funds the APG must pay continue just to continue functioning , and then secondly what extra funds are needed to get something productive done.

So how much money does APG need to just keep the company running??
Using the recent Annual Report - you can look at what the directors received in FY18 to get an indication for FY19
Page 13. Employment contracts
$242k – Managing Director Mike Turbot (down from $386k in FY17)
$79k – Chairman Terry Cuthbertson (down from $105k in FY17)
$64k – Director Colin Iles (previous director Harrison got $85k in FY17)
$110k – Secretary Nick Gaston (down from $237k in FY17)

You can look at what the auditor received in FY18 to get an indication for FY19
Page 28. Note3  Auditors Renumeration
$94k – Auditor KPMG  (down from $97 in FY17). KPMG has been  APG auditor since 1985

You can also look at what APG is commited to pay in FY19.
Page 35.  Note17  Commitments  and  Note 18 Lease Liabilities
$164k – minimum exploration work commitment required to retain EL5291 in Victoria
$77k – leases on motor cars
$231k – rent payable on Kooragang Island, Newcastle property and Head Office in Sydney CBD

And don’t forget there are still some bills from last year that must be paid in FY19
Page 32. Note13  Trade and Other Payables
$479k - Other Trade Payable and Accrued Expenses
$64k – Related Party Payable  - this is money still owing to directors

$1604k =  total so far, just to keep functioning - without any real productive work being done.


I have not included the $751K owing in employee benefits – some of which may be payable during FY19
I have not included the wages for John Winter and Micheal Smith – because APG has never released information on what they are paid.
I personally consider John Winter to be the most essential person in the company - but in this report John Winter only gets a mention on the last page, in the Corporate Directory as general manager. I hope John Winter will be at your AGM.

I have not included the wages for anyone else – because APG never releases information on the number of employees. Someone should ask how many employees APG actually has.
I have not included electricity, water, phone and internet costs, fuel for the cars, website costs, costs to publish and mail out the annual report to 3932 shareholders, ASX listing costs........ etc.

And most importantly, I have not included the additional costs of what it will take to complete the current round of testwork at Kooragang Island – because APG never releases any cost estimates.

You can make you your own estimates of what funds APG will need for 2019.
But remember that over 1.6 million dollars will be needed just to administer the company – before any actual work is done at the Kooragang Island plant.

I personally estimate well over $2.0 million will be required in FY19, to complete what is really a small testwork program.

So where will the money come from ???? .
False9 your an accountant  - can you see where the money will come from ???

Wilcox