@The Avenger .......
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On matters of AGM's and all matters adminstrative"
AGMs, half yearly and yearly reports are not just administrative matters. They are important constraints on the BOD of all companies, especially listed ones. They are important to keep the shareholders informed of where the money went, yet this mob have decided they can pass on these important aspects..
Part of the rules for listing is that companies do these "matters administrative" to quote your wording.
WFE are clearly operating outside the rules and regulations pertaining to listed companies, so why should the ASX go easy on them?? In fact the ASX and ASIC should be right on top of them for failure to perform the required tasks..
It is not the fault of the ASX that this company is in suspension, that mantle clearly resides with the BOD for trying to do a backdoor listing. As I first indicated over a year ago that if WFE had gone about this correctly, by doing a feasibility study to see if the proposal was viable, they never would have been suspended at all.
Everything that is wrong here is clearly the fault of the BOD. They have failed to do the necessary work to get this project up and running. It then comes back onto shareholders that have failed to put the appropriate pressure on the BOD to get their company on the correct path.
The number of blatant ramps about everything being hunky dory with a great announcement next week/month/(fill in your own time frame), is incredible, yet they have ALL proven to be nothing more than hoaxes, keeping shareholders subdued from taking any action.
The ASX set out the conditions necessary last year in this announcement ....
https://www.asx.com.au/asxpdf/20181203/pdf/440wwn0nh4lngp.pdf
From this announcement, now a year old, the things necessary for relisting were stated. The following 2 points were mentioned in particular....
"In addition, the Company’s lawyers have lodged an application together with all necessary documentation and accompanying reports for WLMC to hold the license necessary to operate the Facility in its own name - L’Arrêté Ministériel portant agrément d’une entité de traitement de l’hétérogénite catégorie B (referred to as “Category B License”
. The Company’s lawyers have advised that the issuance of the Category B License is now an administrative matter and is likely to be processed and issued within the next 4 - 6 weeks."
"ASX was additionally concerned over the “paucity of the financial information contained in the accounts of AHIC for the years ended 31 December 2016 and 2017 and the half year ended 30 June 2018, and the fact that the accounts do not comply with accounting standards acceptable to ASX such as International Financial Reporting Standards”." ....
"Following the Company being advised of ASX’s concern in relation to the accounts, the Company has approached AHIC who have indicated their preparedness to provide audited accounts prepared in accordance with International Financial Reporting Standards. The Company awaits receipt of the accounts prepared in accordance with International Financial Reporting Standards."
So where is the licence B, and where are the accounts of AHIC to IRFS??
Shareholders have allowed the company to drift for a year without putting pressure on the BOD to answer why they have not finished the things they stated were happening. What follow up have the BOD instigated to get the necessary documentation for relisting??
Of course the above are the types of things that shareholders can grill the BOD over at an AGM, but by not having one shareholders do not get that chance.
The comments about everything being great and all the ASXs fault, are just wrong. Everything going badly here comes back to the BODs fault and failures to follow the correct pathway for a listed company.
Lack of AGM, no half yearly nor yearly reports in a timely manner are just appalling....
