Received a response from the Company / Company representative on Friday 9 August (2 day response time)
Some interim notes / bullet points, hopefully they will get back with some more in depth responses, what we have got back raises more questions (IMO) and you all can decide for yourselves. The main one for me is, the last bullet point!
- A notional profit has been made on the LLL shares and FFX is liable for that tax.
- Rather than using cash (which is intended to be returned to shareholders) to pay tax, FFX is looking at other legitimate pathways.
- This includes potentially leveraging the significant loans in Mali, which will be written off once the transaction with the Malian Government settles.
~ the loan amounts were US$37,284,417 (A$56,600,000)
- Once the agreement has been settled, FFX will apply to the ATO to use those loan write-offs to offset any tax owed.
- If successful, the shares can be distributed, and no tax will be payable by FFX
- There is no guarantee the ATO willl approve that application, in which case FFX will be liable for the tax.
- In regard to the sale of Morila, an agreement has been reached for the sale of Morila to a Government Company. This was announced 8 May, and referred to in the article you referenced. The sale of Morila, however, has not been settled and is awaiting execution by the Government of Mali.
** ultimatum given to Ganfeng / LLL / FFX for the US$60m to be paid by 7th May but here we are 3 months later and still waiting .. .. .. for the
Minister Knight of Dirt to work out how to use a pen!!!
Announcements from 4 October 2023 through to 28 May 2024 have had differing reasons to the delay to lodging the financial accounts, (from the way I was reading them) from with the auditor before sign off, waiting on settlement with Government, being lodged imminently but i reality, as we suspected they are sitting on the desk of the Minister waiting to be signed off. I hope they are not going to wait until the get an investor because that will never happen with the word on the banana tree saying that the Government is retaining 51% of Morila .....
https://hotcopper.com.au/threads/shareholder-information-post-asx-delisting.8083745/page-120?post_id=75024641I don't know why the Company can't just tell it how it is, waiting for it to be signed off is holding the financials up.
