LCR or Laconia Resources (LCR) is a natural resources company with a portfolio of precious and base metals projects located in Peru and Western Australia. Laconia Recently the company had approval to sell the Peru assets (the business’s main undertaking). The outcome of the sale is as follows: -
(ii) The consideration for the Disposal will comprise:
(a) The sum of US$250,000 to be satisfiedby the release of all claims by Andes and Sallka under the option agreement;
(b) A net smelter royalty of 1.2% and
(c) A right for Andes and Sallka to buy-back the 1.2% net smelter royalty for atotal amount of US$5 million.
What happened next and why the sale of Peru -
As part of the ongoing review process the Company is looking at potential new mineral exploration project opportunities,as well as possible investment opportunities outside of the Company’s existing principal activity of mineral exploration. Dependant on the nature and scale of any investment, the Company may be required, pursuant to ASX Listing Rules, to obtain shareholder approval to any transaction and to re-comply with the admission requirements set out in Chapters 1 and 2 of the ASX Listing Rules.
Factors leading up to the sale:
On the 23rd March 2015 ASX announcement “request to convene General Meeting” letter come out. Please follow look for the letter on the ASX website. Basically our new directors choose this company. They caused the old director Ian and Company secretary Matthew to resign. Come on if this is not smoke signals what is???Why would anyone go to such an effort???
Gary Charles Castledine
Ok Gary Charles Castledine who is this man and why did he choose LCR??
Mr. Gary Charles Castledine is a Co-Founder of Indian Ocean Capital Pty Ltd and serves as its Head of Corporate. Mr. Castledine is a private client adviser with a national stockbroking firm and has many years experience in providing advice on corporate transactions to both investors and corporate clientsMr. Castledine has over 14 years experience in stockbroking and capital markets. He serves as Chairman of the Board of Vector Resources Limited. He has been Non-Executive ... Chairman at Laconia Resources Limited since May 2015. He has been the Chairman of Exoma Energy Limited since February 27, 2015. Mr. Castledine served as Non Executive Chairman of Mamba Minerals Limited from August 13, 2010 to November 21, 2012. Mr. Castledine served as Non Executive Chairman of Vector Resources Limited from February 24, 2009 to October 2010. He has been Director of Vector Resources Limited since February 24, 2009. He serves as Independent Non-Executive Director of Exoma Energy Limited. He serves as Director at Indian Ocean Capital Pty Ltd. He serves as a Director of CPS Capital Group Pty Ltd. He serves as a Founding Director of Indian Ocean Capital. He served as Director of Mamba Minerals Limited from August 13, 2010 to November 21, 2012. He served as a Non-Executive Director of PanTerra Gold Limited (Formerly Envirogold Limited and Southern Equity Holdings Ltd.) from December 11, 2001 to November 17, 2005. Mr. Castledine is a Practitioner Member of the Securities and Derivatives Industry Association (SDIA) and Stockbroker Association of Australia (SAA).
EXE had recently acquired a Tech deal... how much contacts will Gary have???
Recent Directors buying a big stake on market:
As we have all seen the directors bought55,000,000 million shares recently. Why??????
Conversion of notes just occurred again why????? Why will any note holder take the risk of losing interest and holding shares if nothing is planned???????
One may ask why go to the effort of running out past management then putting hard earned dough on a shell?? Il leave you guys to make up your own minds.
I hope the above clarified my position on LCR.
ASX rules:
If an entity is not able to make an announcement of its intention to acquire a new business, within six months of completing the disposal of its main undertaking, ASX will generally exercise its discretion under Listing Rule 12.3 to suspend the quotation of its securities at the end of that six month period. The suspension will continue until the entity makes an announcement acceptable to ASX about its future activities. The main undertaking was approved for sale at the end of August 2015. Do you really think the directors and note holders will tie their money if nothing is planned??
Good luck all and welcome all newbie’s to the party
LCR Price at posting:
0.4¢ Sentiment: Buy Disclosure: Held
(20min delay)