does anyone knows..

I know that this is old story, but, I would like to know if anyone has heard anything more about it.

"Admiralty deal draws legal action
Ben Butler
June 27, 2011


FORMER high-flying mining explorer Admiralty Resources has been hit with a shareholder lawsuit over its sale of an iron ore project to a mysterious company registered in tax haven the British Virgin Islands.

Melbourne-based Admiralty shareholder David Hanks (pictured) is seeking orders forcing the company to hand over documents relating to the $4 million deal last year and its rejection of a $6 million offer from a rival bidder.

The Federal Court application is the first step towards allowing Mr Hanks to step into Admiralty's shoes for the purpose of taking legal action.

Admiralty sold its Chilean subsidiary, Vallenar Iron Company, to BVI-based Icarus Derivatives in September last year for $4 million, payable over two years, and a royalty on each tonne of iron ore produced.

It rejected an offer of $6 million plus royalties from Hebei Wenfeng that the Chinese iron and steel group claimed would produce a 50 per cent higher return than the Icarus deal. Admiralty has not disclosed the directors and shareholders of BVI-registered Icarus, now re-named Australis Mining.

The deal was guaranteed by Hong Kong-registered Corsair Capital, which has paid-up share equity of $HK1, equivalent to about 12� in Australian currency.

"I want the truth," Mr Hanks told BusinessDay. "If there's nothing to hide all you have to do is say, 'David, come and look at the books, you're welcome'."

Admiralty managing director Stephen Prior said the company would oppose Mr Hanks's application. "We don't believe the application has been made for a proper purpose." He said the Icarus offer had been approved by Admiralty's board and shareholders. "It's not right to say the offer was too low." He said Admiralty was not privy to the "full details of the shareholders of Corsair".

Mr Hanks said he became interested in buying Admiralty stock in October 2009 after the company announced that 15 parties had expressed interest in going into a joint venture to develop its Chilean iron ore assets.

But he became concerned when the Icarus deal was announced in September last year because of a lack of detail about the purchaser.

Through the Federal Court, he is seeking documents detailing how the board came to the conclusion that the Hebei Wenfeng offer was "not a superior offer". Other documents sought by Mr Hanks relate to Icarus's ability to pay the purchase price, the "sufficiency" of the price and the "necessity and appropriateness" of agreeing to pay Icarus $US450,000 ($A428,000) if shareholders voted against the deal because a better offer emerged.

In a sign that Admiralty's board, including managing director Stephen Prior, may be the targets of any lawsuit that eventuates, Mr Hanks has also asked for details of directors insurance valid between May and November last year.

Slater & Gordon litigation lawyer Ben Phi said his client was taking action after the Australian Securities and Investments Commission "declined to do so".

A hearing before Federal Court registrar Daniel Caporale has been set for August 4.



Court orders Admiralty to air Chile deal
Ben Butler
August 9, 2011


David Hanks: On the trail of a mysterious assets sale involving Admiralty Resources. Photo: John Woudstra
AN ANGRY Admiralty Resources shareholder is closer to solving the mystery of why the company sold its key assets to an enigmatic company registered in a tax haven, after winning a legal battle yesterday.
Melbourne businessman David Hanks, who owns a $1710 parcel of shares in Admiralty, won Federal Court orders forcing the company to allow him access to documents related to the sale late last year of its Chilean mining tenements.
Admiralty agreed to sell the tenements to British Virgin Islands company Icarus Derivatives, whose directors and shareholders are unknown, on September 1 last year.
Advertisement: Story continues below
Yesterday's victory moves Mr Hanks one step closer to a possible lawsuit against parties involved in the deal, which went ahead even though a Chinese company launched an apparently higher rival bid.
While Icarus agreed to pay $4 million plus royalties, rival Hebei Wenfeng offered $6 million plus royalties.
Justice Michelle Gordon yesterday found there was no evidence Admiralty's board considered whether the ''non-binding'' nature of Hebei Wenfeng's bid outweighed the offer of better payments and royalties by 50 per cent.
It was also found there was no evidence Admiralty asked Hebei Wenfeng if it could quickly produce a binding offer, she said.
The court heard Hebei Wenfeng made an offer to buy the Chilean assets on September 15, a fortnight after Admiralty announced the Icarus deal to the market.
After being rebuffed, the Chinese company wrote again on October 18, offering a ''superior'' offer that it said ''increases the value of the deal to Admiralty by 50 per cent or potentially some $US25 million''.
Admiralty's board rejected the offer as non-binding and ''not superior'' at an October 27 board meeting - the day before an extraordinary meeting of shareholders to vote on the Icarus offer."


End of quotes.

So, has anyone heard anything about it as yet ?? The suspense is getting to me and I would love to know where to from here.

I am sure that the Board they'll be as much in suspense as myself though.

Regards