The answer to my last posting in the thread here called "ego" re the ASX requirements seems to be in the Explanatory Memorandum for the EGM on 4 April 2008:
In Section 1 Introduction it states:
“As DVM will be applying for re-quotation on ASX following the General Meeting, in order to satisfy Chapter 1 of the Listing Rules, DVM must have commitments in place to spend at least half of the Company’s total cash assets.”
The timetable in the document gives a 4 April 2008 suspension and a 15 April 2008 requotation, and also only designates and details a spend of $800,000 on the farmins we know about. There is no further statement or explanation of the need for project-spend until you get to a reference in Section 5.1 where it states the Board is evaluating other projects with a view to participation.
Then we get to Section 9 on Change of Activities where it states as a paragraph:
“As DVM will be seeking re-quotation on ASX as an oil and gas exploration company, DVM will need to re-comply with Chapters 1 and 2 of the Listing Rules. DVM will remain suspended from quotation on ASX from the date of the General Meeting until ASX is satisfied the Company has recompiled [sic] with Chapters 1 and 2, including the requirement that DVM have in place commitments to spend at least half of its total cash assets. The anticipated date of re-quotation given in this Notice of Meeting represents the minimum period the Company may be suspended.”
Given these statements the shareholders might reasonably now want to know what the Board has in mind as to other projects, and the likely period of suspension until these are achieved!
Surely we should be asking Ivan Burgess to come clean and detail the other projects. Why is the ASX not demanding this? Otherwise we are going to end up with shares that cannot be traded for quite a while if at all.
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