"GMC received A$2 million Converting Notes issued by Gulf to...

"GMC received A$2 million Converting Notes issued by Gulf to Eighteen Blue Investments Pty Ltd, together with 1-for-1 free attaching listed options"

These notes are in default if there is no conversion under the PT Gulf Note (From Fofo)

"As previously announced, and outlined in the March 2018 Quarterly Report, the convertible note requires a fiduciary agreement to be registered in Jakarta. This was to be completed with a long stop date of April 30th, 2018. This target was not met, and the long stop date has been extended to 31st May 2018, a date that should be far enough out to ensure registration."



So a potential default could be triggered on the 31st May. I think this is an extremely critical point. If a default event is triggered you have to wonder whether GMC have the ability to pay back that $2M loan.

@GunnerGecks

I'm glad you are finally asking the right questions - disclosure!

GMC have still never disclosed
1. The terms of Pak's counteroffer which they rejected, despite then accepting A$6M for a 25% stake in the Project (which still may not happen.

2. The unsatisfactory terms of the land lease agreement resulting in Tanah Capital not subscribing

3. How much Acuity Capital are selling as part of the CFA.

I'm sure that a lot more of these questions will start standing out now that you're asking the right questions, and no doubt after 31st May when you will want someone to be held accountable?

Good luck though mate...