Ann: Appointment of Metals Trading and Marketing Specialist, page-42

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mr_delta

12,191 Posts.

1304

06/06/19

16:33

Post #: 38944455
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Originally posted by grayballs: ↑

The way I have interpreted the situation based on the postings to date:
At the begining WFE submitted in principle advice to get guidance on what minimum requirements they needed to relist based in their situation and the info at hand. Once this was ticked off they could apply to relist with confidence. At the time WFE probably didn't have key contracts signed/executed (eg offtakes etc.). But they probably thought it was possible to get ASX acceptance based on submissions from other companies with lesser requirements.
As time went on they submitted information and documents hoping to meet the ASX requirements. This took longer than expected as possibly both parties did not have a specifice roadmap checklist on what was reasonably acceptable.
Last submission to ASX under the in principle advice application, it may have been identifies that an executed funding and offtake was probably required (which probably is more than what other companies have been requested of).
Demonstrating funding to ASX may now be addressed through reworking their JV and Plant agreements plus dual listing on LSE.
WFE probably did not anticipate the lengthy delay and time taken to work through this application just to get an idea if it was good enough. During this time the negotiations with offtake(s) had probably matured to the point where its almost signed off. Hence WFE probably has now realised if they wait a bit longer and submit an executed offtake agreement(s) and the reworked funding this should be more than enough of the last info for relisting.
To avoid further delays in waiting feedback from asx, cancel the in principle advice and apply to relist by submitting all of the past documents including funding and offtake agreements (with results of shareholder approval to come).
If ASX agrees by July we are in good shape. If no response or its still not accepted by then, look at listing elsewhere. Based on the "comprehensive" documentation it may be assumed that this should now be more than enough to be accepted by other exchanges if ASX are still not satisfied.
Ultimately it'll be a longer journey to get us relisted if we list elsewhere).
Who knows and I may be way off the mark. Just my ramblings to put things in perspective for myself.

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best summary I ever read on the current situation... we plebs no nothing so have to build the picture with our imagination... but you have probably hit some "logic" in your post... well said !

WFE Price at posting: 2.4¢ Sentiment: Buy Disclosure: Held
8 Upvote

0 Great analysis

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