GBE 0.00% 5.4¢ globe metals & mining limited

Ann: Entitlement Offer to raise up to $8 million, page-93

  1. 422 Posts.
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    Ralli-I have appreciated your contributions over the years.
    However, I don't understand why Apollo and ECE speak with the one voice given the background to their shareholdings which resulted from ECE mistakenly not taking up a rights issue and it subsequently acting as a nuisance to Apollo in voting down Remuneration Reports.
    I accept that circumstances can change and it is likely that ECE is still interested n GBE's niobium. This can be satisfied by either ECE taking over GBE which would need to be at a price to satisfy Apollo or entering into off-take agreements with Apollo.
    On its face this rights issue is a further attempt to water down ECE and cement Apollo's position (to the detriment of all other shareholders).
    What is entirely unfair is that shareholders have been withheld relevant information for making a decision (notwithstanding the prospectus wrongly suggesting otherwise) which Apollo has as a shareholder given its control of the Board. For example, does anyone know the process for accessing the the mining site and what is payable to landholders? Furthermore, does anyone understand what interest the Malaian Government has and whether it is contributing to its proportionate share of JV operating and development costs?
 
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