Report details
- Auditors - RSM Australia
- SPFR - Not GPFR as not defined as reporting entity, made disclosure in 30 June 2021 that GPFR would be done for 2022
- No GPFR SD Tier 2 financial reports were lodged for 30 June 2022 with ASIC.
- They would be due around the time of the liquidation announcement in March 2023
- No GPFR SD Tier 2 financial reports were lodged for 30 June 2022 with ASIC.
- Holding company - major items are "amounts owed TO or FROM subsidiaries"
- 13 subsidiaries where they have 100% control
- Main revenue = dividend income and trust distributions from subsidiaries
- Main asset / investment = "Financial assets" which are subsidiaries
- Franking credits = $35 million available at 30 June 2021
- 50 million shares issued during 2020 but no increase in share capital accounts (15m to 65m ordinary shares)
- There was an increase in amounts owed to subsidiaries from $42 million in 2019 to $86 million by 30 June 2021, being over the Covid period
- There was an increase in borrowings from $3 million in 2018 to $16 million by 30 June 2021, being over the Covid period
Liquidity for subsidiaries to 30 June 2021
- Subsidiary offsets
- On 30 June 2021 - they were owed $77 million from the subsidiaries
- On 30 June 2021 - the subsidiaries AND related entities could demand $86 million
- Net deficit of $11 million, only $16 million in the bank
- Borrowings
- On 30 June 2021 - they owed $16 million to lenders, which were non-current
- Cash to cover things
- On 30 June 2021 - they had $16 million in cash
- Summary
- If they paid off loans with cash, they would have no funds for subsidiaries