firstly thanks to ozpolar and room aus and others for their detailed notes of the meeting which unusually was not streamed or available for many to cast their vote during an agm - may be some actions taken around this but it’s immaterial - most notes were pretty close so I’ll take them as being pretty much accurate and on that basis make the following observations
board says strong support for strategy , noting that they left the outcome blank for remuneration report vote which should have highlighted strike 1- either way as I have said from day one at the very least vote against the remuneration report which the board was recommending in a block of recommendations- (but note it wasn’t recommended in the supplementary booklet only on the sample at the end)
again for what it’s worth ,it’s something- yeah non binding but at least something - - hence why they say it’s a strong vote of support for the strategy- not that the board received total support
shareholders have voted and all they needed was 51 percent and there was sadly imo no other nominee from the list voted on the board, mmga or others which I was hoping for- any new person which could jolt the board enough to settle quicker as I believe the situation between the parties has gone south since 2022 not improved after all the time and capital
Spent- so Apart from a strike, which they don’t have to adopt or even deal with unless there is another next year, it’s currently a message, a slap , which does nothing as of today
great to see some of the issues debated -attempted to be raised via questions as per others notes
Locke- well I see today they expressly note it’s a pathway to obtain liquidity only, not we have secured 20 m funding which was misleading imo and which I commented on - they also disclosed Locke pay for litigation but don’t do it ,which again shows as per previous posts on the subject of Locke , I thought it odd Locke have no pending or past cases listed on Their website-
Avz did admit seemingly in some Responses , noted in others notes, that they can’t see a reason why Locke would pull out , but of course they can and seemingly they moved on from any twisting into this subject- as per previous discussion which tried to highlight they actually did not secure anything yet despite the main title on the platform
matter of ph being fired -
again said confidential Then referred shareholders back to company announcement— again ,company announcement said he resigned for personal reasons and would stay on as a consultant — so he clearly was not fired despite the attempted to confirm the misinformation and they stopped further commenting anyway and referred to announcement on the matter - regardless of what ya think let’s stop misinformation about anyone- if you resigned from a job and the company said you resigned and were going to stay on as a consultant and suddenly people were all saying - you were booted - you would be cranky for sure and it paints you in a bad light
Avz relinquishment of parts of 13359questions didn’t seem to get answered and were shouted down etc- regardless 4029 and 4030 were relinquished and discussed at special shareholder briefings, noted in accounts ,ppl were led to believe not the best land- but how this relates to 13559 and the new northern part given away illegally ( as stated by Avz) is still unclear to me
According to a group of others with very similar notes as to the agm- again Avz reiterated its off to icc and iscid and as far as they are concerned and they gave nothing away - icc and iscid will as far as they are concerned sort it out - nothing new here- ANZ just stating Their position- umpires will decide
some have noted once again the emergency order done now 50 to 100 k ,but whilst the potential penalty has been noted for non compliance, has a ruling been made that a penalty is accuring ? Many on here and from announcements may believe that 100 k is now accuring as ANZ states it successfully restrained comminere— is 100k know actually
Accruing or is it potentially 100 k per day couldn’t be levied against comminere if a judgement goes in Avzs favor?- I mean do we think now Avz is earning 100 k in penalties until icc rule, (700 k usd a week)- I think ANZ would have spelt this out in a crystal
Clear manner of they were- time will tell- interested in knowing what others think after the string of announcements on the subject from avz
Sadly no question was asked as to when will
An updated resource and reserve and Dfs drop after the company spent mega
Millions again since may 2022
apart from the strike which they glossed over but don’t have to adopt as it’s non binding- the board got what they wanted- responses as to pay were imo lame and standard- as for 246 days away that’s what they signed up for, not even an entire year and no doubt it was multiple trips very comfortably
yes some close votes but as nothing passed they didn’t recommend , incumbents have full
Control of the remaining capital and the right to continue down the path they choose
next imo up is weather Locke sign onto actually delivering the funding, then discovery as to what terms
and
what settlement is reached if any- sure a few mentions of Mou but of course arbitration seeks to bring the parties together to resolve things via an mou or they rule.
A couple of mentions by Avz from others making notes that they aren’t getting results in drc jurisdiction - fair shake etc hence going along with icc and iscid—- this is probably a big admission because if they aren’t getting what they perceive as fair shake in drc and icc is is only way of getting the access to officials- let assume they do win 100 percent and orders are made —— imagine the issues that may arise in the future , they can’t then go off to icc and is iscid again- they would have to go through drc courts first presumably ( assume as an example some new royalty or tax was imposed which could cripple the economics of the project ) how are they going to deal with d c courts and or tribunals after making such statements ?
anyway see how it goes- they keep the right to keep spending capital on their strategy which is still to yield any towards obtaining a mining lic and ability to developers the asset- regardless of the meeting they are still arguing over jurisdictions , and ownership of darhcom, holding only emergency orders to then address the issue of the jv
thanKs again to those that took the time to deliver such detailed notes of what went on at the closed , no phones , no streaming , so no ability to vote unless done prior at yesterdays 2023 avz agm
AVZ Price at posting:
78.0¢ Sentiment: None Disclosure: Held
