no idea about Regal Funds Management and I really don't have a view as to relevance. I can conceive a millions reasons or motives why they might be significant in terms of X64 inevitable demise but that would be pure speculation.
my sense is that the register was significantly fragmented and/or disengaged ... hence Vitrinite (<20%) wagged the X64 dog ...
whether non Vitrinite shareholders will at all polarize will very much depend on how the Vitrinite team move forward from here ... a key measure will I think be quality of corporate governance, including communication.
To date, since appointment, IMO the directors have worked hard to avoid / minimize accountability. and the quality of data flows since de-listing suggest they either don't have the depth of capability within X64 or possibly even interest to establish a quality governance and communication regime eg website lag; an apparent low quality corporate register maintenance capability; shallow agendas underwriting annual general meetings; no established agenda or obvious strategy outline looking ahead. I have no doubt this aversion to accountability will continue
to date a number of issues have silently "died" ... Vitrinite's indebtedness to X64; Welker's continuing role in KOMO Diti Trading; Raul's (as a member of the key personnel team ) value destructive recalcitrant behavior orchestrating lockout of X64 (even in its' capacity as a 40% shareholder); continuing 'participation' in resolution of shareholding (Mahusey vs Raul); blah blah blah. This history does not bode well for a future of information
Taking into account Vitrinite's behaviour so far, my sense is that X64's exclusive focus will be redirected to the QLD tenements consuming the annuity ex MRPC until further notice. So long as PMC repay the debt, it will for all intentional purposes be irrelevant to X64 (possibly not Vitrinite) and the intrinsic value of a minority 40% shareholding will vaporise before our very eyes. To be clear, PMC is IMO totally irrelevant beyond the recover ability of around US$75m over the next 10 years.
As a shareholder, horrible place to be, and I don't have a view on what the next steps are.
IMO Hotcopper is not a sensible platform for any polarisation of minority. In time, possibly a class action for oppression of minority might unify some but that case is yet to be evidenced.
@manilamadness ... not sure if any of the above helps or is useful but this is about where my thinking is up to at this stage ...
have a great day
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