COB

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9.0¢ cobalt blue holdings limited

Ann: BPL: Dispute Notice re COB as TJV Manager, page-16

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pastimer

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19/12/18

09:53

Post #: 36902340
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Originally posted by mlives: ↑

Here's a summary of the BPL disputes:
1. We dispute the called sum and contest the approved drilling program
2. We dispute that the dilution can't be applied according to the contract
3. We dispute our royalty
4. We dispute our own signed release that COB completed a PFS and achieved 70%
5. We dispute COB is interim manager

The royalty (3) is a completely separate issue. 2 and 4 are so ridiculous, they barely warrant a mention.

Dispute 1 (the called sum) appears to be based on 5, so it all boils down to the manager arguement.

View attachment 1394253

BPL appear to be saying they were trying to be "prompt" about trying to appoint a new manager, but COB were refusing to the meeting request (7.5a). This tenuous legal argument fell apart when they failed to turn up to the first scheduled meeting after the earn-in ended.

COB's argument 7.5c - that "the Joint Venturer holding the largest Joint Venture interest must act as interim manager" appears a stronger legal position.

COB has been relatively measured during this process, while BPL have been throwing their toys.
If an independent arbiter is used to give their binding decision, I'll be backing COB to come out on top. Court would take longer and be more expensive, but IMO will end up with the same result.

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Originally posted by pastimer: ↑

I think it is generally understood that an interim manager does not make major changes. He acts as a housekeeper, maintaining the status quo. And helps in getting in the next manager.

Expand

Clearly 7.5.c distinct's an 'interim manager' from a 'manager' so logically they are not the same.

Eppo

COB Price at posting: 21.0¢ Sentiment: Buy Disclosure: Held
1 Upvote

0 Great analysis

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Ann: BPL: Dispute Notice re COB as TJV Manager, page-16

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