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Berger978456

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10/01/19

11:15

Post #: 37078308
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Originally posted by jahn1975: ↑

THANK YOU

Hardey booted off ASX over deal January 08, 2019 The ASX will take the extraordinary step of booting Hardey Resources from the exchange after it unearthed a series of questionable disclosures and a breach of listing rules in transactions linked to Sydney deal-maker Adam Blumenthal.The ASX, which had been investigating Hardey’s acquisitions of Nelly Vanadium and Vanadium Mining for the past four months, announced yesterday that Hardey would be removed from the official list on Friday after it was unable to acceptably explain several elements of the transactions.In a lengthy and scathing dissection of the deals, the ASX found that Mr Blumenthal’s Everblu Capital and its associates were the major beneficiaries from the two vanadium acquisitions and that Everblu had worked to conceal its involvement from both the ASX and Hardey shareholders.The ASX’s inquiries found that Mr Blumenthal and Everblu had received between 52.55 per cent and 64.6 per cent of the shares and options paid by Hardey for the two vanadium assets for doing nothing more than introducing Hardey and the vendors to one another.“ASX infers that the Vendor Group must have been of the view that the price Hardey agreed to pay for the Nelly Vanadium and Vanadium Mining acquisitions was very favourable from their perspective. They were prepared to give away 52.55 per cent and 64.6 per cent of the deal value to Adam Blumenthal for a mere introduction,” the ASX’s state manager of listings compliance James Rowe wrote.“The likely corollary is that the deal was not such a good deal for Hardey and its shareholders.”The ASX also noted that Hardey and the parties were unable to sufficiently explain why Everblu received such a large portion of the shares.The exchange said it had considered ordering the reversal of the transactions but it was “very difficult to unscramble the egg”.You can now view your pending comments (along with all your approved and rejected comments) as soon as you make them under the 'My Profile' tab. Thank you for your feedback on our new comments platform, more improvements are coming shortly. Find out more here.Reader comments on this site are moderated before publication to promote lively, but civil and respectful debate. We encourage your comments but submitting one does not guarantee publication. You can read our comment guidelines here. If you believe a comment has been rejected in error, email [email protected] and we'll investigate.

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Wow - this must border on criminal or perhaps civil penalties. Directors must always act in good faith and in the interest of shareholders. This appears to be neither.

HDY Price at posting: 0.4¢ Sentiment: None Disclosure: Not Held
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