Why ??, page-54

Hi MACCA, I really think you work in PR. and your post was well written.

However, you seemed to have announced certain things that maybe IGS should be announcing

1 – “IGS failed to obtained funding from its overseas sources.”
2 – “That's why it is still in limbo for the moment.”
3 – “That's why timelines have not been met.“
[The above is not what DT said in the quarterly dated 02-Nov-2015 He said nothing about being in limbo and he gave no reason for the delays or did the funding fail after the quarterly was released? He did mention they are reviewing a range of funding and transaction alternatives – “to undertake final discussions with the ASX, Winter Garden and financiers regarding completion of the proposed transaction. While delays have occurred these negotiations remain ongoing and in the Company's view are nearing completion.” Ie. “are nearing completion”, not in limbo!!!!]

4 – “Although the company has been silent on this issue everyone can see this fact.”
[If you are referring to 1, 2 & 3 above I did not know that they were trying to arrange overseas funding or that it had failed, I thought that as per DT that funding negotiations remain ongoing and are nearing completion. And then I remembered words like shortly, in the coming days and in the company’s view.]

5 – “The Sante Fe losses had no bearing on raising the funds required to purchase the 85% of Winter Gardens.”
[Really? A company looses $4m+ and it has no affect on raising funds for WG? Maybe that’s why the “funding from it’s overseas sources” failed? How can a company with a MC of $1.629m afford to lose > four million dollars?]

6 – “Had shareholders/investors examined the financials of Sante Fe they would have seen the associated risks that were ahead. I did. No production, high debts, failed mergers etc.”
[Maybe IGS and its advisors should have taken your advice and looked a bit deeper or not given them an unsecured loan]

7 – “A poor IGS investment decision. Sure it has meant additional funds are required to meet ASX requirements. But so what?”
[It’s only >$4.5m]
[How can directors, maybe under instruction from their advisors that hand over $4M unsecured and presumably with out en exit strategy be trusted not to do it again? Maybe it will be different this time? How can a company with a MC of $1.629m afford to lose >four million dollars?

7 – “If Julian Strauss has been reassured that the purchase will go ahead….”
[Unsubstantiated, when taken in the context of what you wrote. Also see #9]

8 – “Have you been in touch with Julian? I have.”
[Phone interview or email?]

9 – “The venture proceeds.”
[Unsubstantiated. IGS said, negotiations with the ASX, WG & financiers are in the company’s view nearing completion, note the words “in the company’s view” That is not a definite, the other parties could have a totally different view of how negotiations are proceeding.
Quote - “The Company is confident that the financing path forward will be announced shortly with a clear and desirable outcome” This time note the word – “confident”

10 – “He is not looking for another new partner.”
[Unsubstantiated]

Maybe Sage and or Okap should just buy into WG with their own money?

I hope that I haven’t misquoted you, misunderstood you or read between the wrong lines in the above.