Ann: Notice of Annual General Meeting, page-13

First 13 Last

Share
Profile

Follow
Red Baron

4,191 Posts.

7115

26/04/22

19:57

Post #: 61028641
Share

Originally posted by Red Baron: ↑

They didn't have to give notice of the AGM until Friday (28 days).
I very much doubt they can now add a resolution, especially as the proxy form is released & people may already have voted.
This tells me they are not expecting the Notice of Meeting for the demerger to be called before Friday.

Sounds like possibly the ASX or ASIC need more information or clarification (I'm just guessing) with the paperwork.
This is not your run of the mill demerger. The part of FFX we are demerging probably has a bigger valuation than the parent, which is very unusual for a demerger. I'm again guessing - this might attract a bit more scrutiny than normal.

As for Resolution 4 - partial takeover.
I think they may just be doing some housework to cover all bases.

There are scenarios where this might come in handy.

For example, a predator might make an offer for 51% of FFX. This would give them control over the 20% of Leo FFX own. If this predator had ambitions to own Leo, normally FFX's 20% holding would block that, but not if they had control of FFX. Post demerger I'd expect FFX to drop below fair value as Lithium holders exit. This could make it vulnerable to any opportunistic takeover offers.

Good there is no Resolution to exceed the 15% cap raise limit, most companies put that in there just in case.

Expand

Meant to add,

It would not surprise me at all if a few predators are sniffing around, so FFX have tightened things up. Might even delay the demerger?

I'm quite sure shareholders are not the only ones who have noticed the price disparity between us and our peers. Once Leo lists, with FFX's 20% holding it would make things a lot more difficult for corporate action.

FFX Price at posting: $1.03 Sentiment: Buy Disclosure: Held
15 Upvote

0 Great analysis

Reply

Top Stories

BTH

Bigtincan's Board backs Investcorp offer: Why a NASDAQ listing could be game-changing

RAD

Radiopharm extends radioimmunotherapy trial to 5 more cancer types

SGP

Things finally 'looking different' for up-and-down Hot Stock tip Stockland

PAM

Pan Asia rebranding to 'clear confusion' after bagging $35M for Chile projects

3DA

To make modern missiles, you need 3D Printing. And in that gold rush, Amaero is selling shovels