Ann: Nex Metals Issued with Non-Payment Notices, page-79

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punter45

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02/04/22

11:25

Post #: 60598284
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Originally posted by mike999: ↑

31 March 2022
CHAIRPERSON’S ADDRESS
Thank you for your attendance at Nex Metals 2021 Annual General Meeting today albeit by this modern virtual
world.
Considering another application has been made by Metalicity Ltd to the Takeovers Panel I will keep this
address brief.
With respect to the Takeover attempt by Metalicity Ltd (ASX:MCT) our Joint Venture Partner that we bought
into the Kookynie and Yundamindra Projects (in May 2019) last disclosed a shareholding as of 2 March 2022 of
32.76% in Nex.
The proposed Takeover was announced on 14 September 2021 some 6 months ago and still ongoing.
The offer is 4.81 MCT shares for 1 Nex share.
Share price of MCT this morning was $0.006 with Nex at 3.7 cents Market Cap of MCT is $16.57m (2.5 billion
shares) and Nex $9.88m (267 Million shares).
That means the equivalent ($.006 X 4.81) MCT price is 2.88 cents some 22% discount to the recent Nex share
price.
The market will always determine itself.
You will note the announcement by MCT to the market on 29 March 2022 titled “Nex Metals Issued with NonPayment Notices”, and Nex response on the same day, this typifies the approach MCT have to this Joint
Venture.
As per our response on the same day, Metalicity has spent over $1.27m of their shareholder funds which is not
approved by Nex under the terms of the Joint Venture and therefore not liable for and yet they have the
audacity to speak of Nex corporate governance. The so-called budget needs to be approved forward looking
not backward looking.
You will also note Nex instigated proceedings in the Supreme Court to get MCT to verify their $5m expenditure
under the terms of the Joint Venture which was an expensive process for both parties and contrary to their
previous announcements it was settled by consent of both parties.
The tailings project is on hold pending the rights issue (capital raising) which is subject to Shareholder
approval.
With respect to the rights issue, none of the funds raised contrary to any innuendos by MCT is going to pay
directors or associates.

The trial program of 20,000 tonne and any concentrate is still there and hasn’t gone away with the balance of
the tailings to follow (plus due receipt of Research and Development funding).
The Board continues to financially support the Company, as we have belief in the Company and its Projects.
Your directors who have not taken directors fees and salaries for a while or unnecessarily raised capital to
dilute shareholders Nex are still sitting at 267m shares on issue, MCT have 2,550,28,543 shares on issue.
We welcome the nomination of 2 Independent Experts one by MCT and one by Nex for the Takeover.
We also look forward to receiving hopefully in the near future a Mineral Resource Estimate for the Project (as
previously stated in March 2020 by MCT), this would clearly help all shareholders make an appropriately
informed decision.
The Board thanks the shareholders for their patience and tolerance with respect to the Takeover and the
Tailings project. As matters arise the Company will make announcements to shareholders through the ASX
platform
Thank you.
Thomas Percy QC - Chairperson
This Announcement is approved by the Board of Nex Metals Explorations Ltd

Expand

mike are you aware of any nme holders holding mct?

need around 126mill mct shares 5% to get section 249D in play

MCT Price at posting: 0.7¢ Sentiment: None Disclosure: Not Held
3 Upvote

0 Great analysis

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Ann: Nex Metals Issued with Non-Payment Notices, page-79

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Ann: Nex Metals Issued with Non-Payment Notices, page-79

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