Rim didn’t terminate him on the “change of control event” in...

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dr spok

136 Posts.

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18/06/25

17:28

Post #: 79482104
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Originally posted by arekski: ↑

Thanks for this Spok, this is my take (fwiw, its for the arbitrator to decide of course) - it actually supports Rimfire's position, not undermine it. Heres why:

(1) Rimfire became formally aware of the governance mess at GPR in late July 2022.
(2) Giovinazzo’s improper 89.1% share grab happened 19 July 2022 — after Billis moved to remove him as director on 18 July 2022
(3) Prior to that point, Rimfire dealt with the director GPR itself held out — as shown on ASIC.Rimfire isn’t expected to stop operations based on shareholder noise or behind-the-scenes disputes. The law expects formal notice or a legal determination — and Rimfire acted when those material breaches became clear.
(4) Termination rights were triggered by those July 2022 events — not before.
(5) The timeline backs that up.If anything, this timeline highlights: ehen the breach occurred, when Rimfire was entitled to act, and that Rimfire relied on official records until formal notice emerged.

Good find, well done.

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Rim didn’t terminate him on the “change of control event” in July 2022 because it didn’t actually happen as the court reversed the share issue.

rim terminated based on a change of control that happened a few weeks after the fifield earn in was consummated back in 2020. Billis took control of GPR prior to funding the company with a 99% shareholding. It’s all in the court documents. It was at the very start of things.

thats why the termination is so problematic. And why I’ve said I believe the termination will be reversed

RIM Price at posting: 1.9¢ Sentiment: None Disclosure: Not Held
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