icarus, page-19

Juddn, I understand some of your concerns. ADY is just a holding company listed on the ASX and IMO the board is compliant with ASX Listing Rule disclosure requirements. Is there a requirement to conduct an audit/investigation into Icarus Derivatives Ltd? Look at the corporate structure of ADY. ADY is selling all of its shares in SCM VIC. 60% of ADY's shares in VIC are held by a British Virgin Islands('BVI') company, Fortune Global Holdings Corporation. Currently, there is no internet info. on BVI companies.
From ADY's Sep 2009 presentation(announcement):
SCM Vallenar Iron Company is a Sociedad Contractual Minera company duly incorporated and registered in accordance with the laws of the Republic of Chile. The shareholders in SCM Vallenar Iron Company are Admiralty Resources NL with a 60%
equity shareholding through its 100% owned British Virgin Islands subsidiary Fortune Global Holdings Corporation and its Chilean subsidiary; Inversiones Admiralty Resources Chile Limitada with a 40% shareholding. Inversiones Admiralty Resources Chile Limitada is a limited liability company duly incorporated and registered in accordance with the laws of the Republic of Chile.

Does it really matter where the $50m is coming from, given that BVI companies operate behind a veil of secrecy? Once the deal is completed it will mean that there will be cash in the bank for ADY to fund its ongoing projects.

Hope this helps?