IMO:The only thing going on in the background would be "party hats" "streamers" "music" "high fives" as they have just secured another 3 months of salaries.
The Company currently doesn't comply with the ASX listing rules to be re-admitted to quotation.
https://www.asx.com.au/documents/rules/Chapter11.pdfWhat is intriguing, how can Firefinch adhere to Listing Rule 11.2? being;
If the significant change involves the entity
+disposing of its main
+undertaking, the entity must get the approval of holders of its
+ordinary securities and must comply with any requirements of ASX in relation to the notice of meeting. The notice of meeting must include a
+voting exclusion statement. The entity must not enter into an agreement to
+dispose of its main
+undertaking unless the agreement is conditional on the entity getting that approval. Rules 11.1.1 and 11.1.3 apply.
~ as per the AGM, the Company has no control over the disposal of Morila, they have no input capacity, they are not being informed of any progress and the only thing that they were actually aware of (albeit informal) was the court case was deferred until July.
Which leads to my confusion with:
"Firefinch has selected a substantive West Africa mining contractor ("
Proposed Purchaser") as the preferred bidder out of the parties that executed non-binding indicative term sheets to acquire the Company's interest in Morila SA and Birimian. The Proposed Purchaser is well placed as a significant and experienced mining contractor in the region."
"Firefinch is now focused on working closely with the Proposed Purchaser on negotiating full form binding transaction documents, in parallel with the Proposed Purchaser's work to finalise its due diligence."
"The sale of the interest in Morila SA and Birimian will be for a nominal consideration. The non-binding terms sheets contemplate certain conditions precedent, including Firefinch obtaining shareholder approval under Listing Rule 11.2."
Coupled with: (from Q & A at the AGM)
4: Update on the Commercial Court of Bamako situation and was it extended?~ we are not involved, it is up to Morila SA, but we have been informed it has been deferred until July.Q: You are an 80% shareholder of Morila SA~ yesQ: And you have no idea whats going on?~ no we don'tQ: and you are selling with no idea?~ yes~ we as Firefinch are not involved
But now, 30 days after telling the audience at the AGM, they have no involvement! and no control over Morila SA - - go figure!
~ they have selected the preferred bidder, are focusing on working with the Proposed Bidder, negotiating with the Proposed Bidder.
Riddle me this: As we have no control over Morila SA, we are not involved with Morila SA, we have nothing to do with Morila SA but here we are negotiating with the preferred bidder and at the end of the day, if Firefinch executes a binding agreement with "preferred bidder" and MORILA SA say, well yeah, nah we don't like that deal ? ? ?
~ Lowe, is beginning to be like everyone else that has stood at the helm of this Company, either we have nothing to do with the transaction of Morila SA (as he and Fraser portrayed at the AGM) and negotiating with the potential new owner or we do -- which is it?
Over this Board and Management hedging their bets and putting out just another nothing announcement with a little fluff to get some excited.
As for
Performance Shares,
Both Gordon & Fraser each have 750,000 that just so happen to expire today, maybe an announcement on Monday ...
Change of Director Interest Notice as they scramble to get their hands on them?
The performance hurdles have been satisfied
~ bear in mind, anyone with a decent moral compass would probably not accept them given what has happened whilst they have been on the Board but they have taken a pay reduction (belly laughs) but also, when these items are part of resolutions that shareholders can't be arsed voting on or the majority of those that do, vote in favour. That also includes, changes to the Award & Conditions that slips by when the Company put Resolutions to accept the Awards, these are generally voted on every 3 years (I think)
FYI:Change of Control: The Directors will receive the performance shares under the Change of Control provision in their service contracts, specifically;
part (h) -- Change of Control Event occurs where a shareholder, or group of associated shareholders, being entitled to sufficient Shares to give it or them the ability, and that ability is successfully exercised, in a general meeting, to replace all or a majority of the Board.
Performance Shares as per their service contracts, specifically;
Lapse: Unless otherwise determined by the Board, a Performance Right lapses on the earlier to occur of (i) N/A (ii) N/A (iii) N/A (iv) the day the Board makes a determination that the Performance Rights lapse for breach, fraud or dishonesty by the holder (v) the expiry date of the Performance Rights.
~ let's see where their moral compass sits now that these Performance Shares have expired, if they still exercise them.
I also note with disdain the reference to the value of LLL shares and cash is $0.208 as the 29 June, as if it was some self satisfaction of "look at us" we have got the value back to the share price on the last trading day ...... a bit like Frasers {{expletive deleted}} audacity to mention the "remember, we have returned $591m of value back to shares holders" when question on the sale of the LLL shares and then the even more {{expletive deleted}} audacious comment that after they sold the LLL share price dropped further -- almost like patting themselves of the back for getting such a good deal without once thinking it probably tanked because of our sale and Cowden chipping in to help.
I am somewhat surprised by the amount of cash the Company still has, with engaging Gilbert & Tobin / Treadstone / the expensive receptionist (Citadel - Magnus) for such an extended period.
Capital Raised:
As much as we all scream and holler over the money that the Company raised funding the Morila Mine operations, but do we know how much was really pumped into this? and what it has actually cost us shareholders? and we are selling for a nominal price?
cheers
