The threshold is 90% for Latitude owners, not 25 %. Idiotic...

The threshold is 90% for Latitude owners, not 25 %. Idiotic title.

Low acceptance level from Latitude shareholders and the clock is ticking.

Toby Wellman should also report the acceptance level of DCX who are unrelated party
of Latitude (excluding CMM and its directors and DCX directors)



Directors appear to have problems to get acceptance even from the Latitude shareholders,
who would be getting over 70% of the new company!!!

90 % acceptance is needed. The 40 million is just above the ownership of
Russell Delroy and his wing man Joshua Welch, Hoyer and other 2 members of Board having shares


They have 38 860 000 shares of 40 409 978 shares announced,
see page 113 of the pdf announcing the project
https://hotcopper.com.au/threads/ann-transformational-acquisition-gold-cobalt-development-project.7934120/

So only they have acceptance only of 1 549 978 shares outside of the board of Latitude when there is total of
141,833,334.

Next update is expected in week and be over 60 % as Russell will be calling the friends who have invested.

However the may be problems to reach required 90 % of Latitude shareholders

This may be because
1) the owner has larger interest in shares of this company Discovex (DCX)
or indirectly in Capricorn metals (CMM) owning over 10% of DCX.

2) The shareholders may recognize that the plan is waste of time due to being impossible
for Delroy-uninfluenced-shareholders of DCX to accept.

Latitude would urgently need new directors and new plan and reliable projects in order not to more waste shareholder
property

3) The share holders are disappointed with the value of shares after
the takeover. The value is much less than the value estimated in Sunmirror deal and
may be even below the price they invested. Part of the owners may have been unfairly diluted in
last capital rise of 5 milllion.
The owners who participitated in rise might get 15% premium if the share value would hold at level of 20 cents after consolidation,
which may be unlikely due to low value of Latitude assets.
The situation is likely much worse for those who did not participitate in the capital rise.

4) The shareholders may have noticed that they have not been told about relevant details
of Latitude business including the problems with Kuusamo mine plan acquired for 400 000 AUD including
ownership for some lands.

5) The shareholders may consider about potential activity against Delroy and members of the board
about potential problems of investor information including info given in context of capital rises and
Sunmirror deal.