Sorry, don’t agree. As a SH I have seen enough Prospectus/IPOs in my time to know I have seen the company make outlandish statements comments etc in them. You then read the IE report attached and you compare their claims to what they are saying and if views very different between company and IE you walk away or vote no
WFE are required to lodge documents to relist, and are required to get SHs to vote. WFE will need to provide a IE as part of the SH vote process, just like that is needed in a TO scenario where the BOD ask SH to vote in major restructures (i.e. which is how the ASX is viewing this one) that result in a change of business plans. If the ASX wasn’t requiring this, WFE would have already been relisted.
Remember WFE is sourcing third party cobalt - MET tests are with the third party supplier but WFE will need to do own tests to confirm results because quality a key input in blending in your manufacturing facilities producing cobalt hydroxide and copper hydroxide. I am not sure whether they have done them but I suspect they have done some MET work. Now because it is third party ore, in your Prospectus you can’t blab specifics btw (as will be releasing third party source resource confidential data) but you need to comfort the IE that they have been done and for them to check the results etc etc.
Reading your posts and I say it again you firmly believe they will never relist, that is how I read your posts btw. No ifs and buts, that is how I read them.
I prefer not to be dragged into further discussion because I am sitting on the fence, but obviously what will make relisting a certainty IMO here is Offtakes. But getting Offtakes requires WFE taking access to the manufacturing facilities. You see the circular argument the ASX has installed here IMO - SHs need to vote on a proposal but require documentation, but within that documentation is some analysis required which in builds future cash flows that arise from Offtakes. But Offtakes are signed by buyer with the owner of the facilities, but as yet WFE does not own the facilities etc etc. It is circular.
And finally since WFE is still trading as an ongoing concern, and like last time we had this chat they are getting money from somewhere (and doing it legally orelse the ATO would be issuing a please explain letter etc etc). No need to comment because don’t want to regurgitate the same argument.
Reading this thread, I must say that I feel hungover and I haven’t even drunk me VB.
I understand your points, but it is obvious too me without a Prospectus and backing IE reports and yes SH vote this will not relist in relation to the transaction because the ASX will not allow it. Full stop, so not sure the debate. Relisting is taking way too long, and at the back of my mind, as I have asked a few times is how watertight are those third party supply contracts to WFE, but at this stage would appear they are ‘water tight’. As cobalt prices rise will those third party supplies wait if WFE is still yet to get the deal done. Time will tell, but sitting on the fence is a better strategy that seeking to be authoritative on the issue.
All IMO
Expand
