Ann: Appendix 3B - New Issue Announcement, page-8

A new posting from JuPePo to ARIVA

11:04:19 16:52
# 10792
So here's the study for ...
Chairman David FRANCES also informed the interested users in this forum. Whether it's only for information or even something useful, is an open question.
I hope that the links can be opened up reasonably and that nobody has any objection to this article.

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Can you trust Chairman David FRANCES? March 5, 2019

To clarify this question, I specifically researched Mawson West Limited on the Internet and wrote a - I'm brave and sometimes called it - study that provides some clarity and could have the headline: "History repeats itself ".
I only hope that the length of the essay does not irritate or that the presenters of ARIVA do not feel compelled to delete the article for that reason. Unfortunately it was not possible to get shorter.
The sources are section-wise numbered links, which are referred to each.

Current:
According to Activities Report of January 29, 2018, FRANCES receives from the TIGER service contract as Executive Chairman a monthly fixed compensation of USD 60,000, which covers all claims (link 1 - page 3). In other words, it is not a performance-based allowance, which is why FRANCES can do what they want - their fixed salary is guaranteed.
Anyway - one would think, a very lavish salary for a manager who has been in office since December 20, 2017, but who has not managed to get the TIGER share at a reasonable price or for the benefit of the shareholders to be traded again.
Meanwhile, there are increasing signs that the latter was not at all intended by FRANCES - and certainly not with the "old" TIGER share. For he plans and favors a delisting from TIGER according to the current state of affairs.

In Mawson West Limited:

Remember, FRANCES had pointed out via the AXINO and Wolfgang Seybold newsletters that he had already carried out a value-lift at Mawson West with an IPO of $ 260 million (CAD?).
This IPO hint seemed to be important to FRANCES, because he wants to express his reputation - otherwise you can not interpret that.

For me, the IPO indication is initially only proof that FRANCES has also planned such a "value lift" at TIGER, as he calls it, at the latest from the date on which the extension of the trading suspension of the TIGER share on the ASX was announced.

In detail:

FRANCES was once with Mawson West Limited (MWE) - WKN 936299 - for seven years - from November 15, 2005, initially as Managing Director and one of the five MWE Directors (Link 2).

The main business of the Limited founded in 1996 was the copper production in the Congolese Dikulushi and Kapulo - or in the southern region Katanga (Link 3 + 4).

The ARIVA chart shows the price development of Mawson West Limited on the Berlin Stock Exchange from 2005 to about mid-2009 (link 5).

After that the display of the chart process ended abruptly. The reason for this is a delisting on the Australian ASX on 17.6.2009. FRANCES was still Managing Director at the time (Link 6 + 7).
The stock price was last on the Berlin stock exchange at about € 0.02.

The circumstances of the delisting I could not properly research. Link 6 could, under the heading "News & Events" on the date of June 11, 2009, contain information on the processing of the old stock holdings. But I can not interpret that reliably.

The stock of shares before the delisting is unknown or could not be researched by me. That's a pity, because this would be interesting in view of the then following IPO and the consideration of the existing shareholders.

It is also true that Mawson West Limited's share price before delisting in Australia was at a still lower level than that of TIGER prior to the suspension of trading (link 5).

In the years leading up to the delisting, FRANCES, as managing director, is at least partly responsible for the demise of the "old" Mawson West Limited.
To certify it pure innocence, can only be outlandish.

Just two years later, on March 24, 2011, FRANCES - now in the role of President and Chief Executive Officer - has published an IPO of Mawson West Limited on the Toronto Stock Exchange under the addresses Perth (Australia) and Toronto (Canada) Stock Exchange (TSX) - (Link 8).

Thus, 30 million shares were placed at the price of $ 2.00 each (IPO = $ 60 million). The total IPO was then $ 120 million, because a subscription (pre-sale) raised another $ 60 million of capital from a group of private investors and turned it into another 30 million ordinary shares that were automatically assigned ,

The question arises as to why FRANCES had quantified the IPO scope at AXINO at 260 million. What about the difference of 140 million? Is this perhaps the sum in which the existing shareholders have their shares converted into new shares when relisting?
I could not read the same from the IPO publication. In any case, the above-mentioned subscription amounting to 60 million CAD should not be meant. What explanation is there then? Did not FRANCES remember the right amount? Unlikely.

With the reference to AXINO on this successful IPO in his eyes, FRANCES obviously wanted to and wants to justify his plan to re-open TIGER with a new IPO after a delisting and a successful reorganization in about 2 years - according to the pattern of Mawson West Limited.

Interesting is an article dated October 7, 2013 in THE AUSTRALIA BUSINESS REVIEV (ie, two and a half years after the IPO), according to which the management of Mawson West Limited was considering resolving the listing conducted by FRANCES on the TSX in Toronto and Mawson West Limited instead to be listed on the home market in Australia.

Apparently, the interest - and thus the willingness to buy - of Canadian investors in Australian commodity companies to rapidly decline, which also explains the price decline of the share on the TSX (Link 9).

FRANCES left the Limited on 29.6.2012 (Link 10). The reasons of his departure were not communicated in the company message.

Maybe he cleverly left "a sinking ship".
For even at a time when FRANCES was still in office, the stock price of the "new" Mawson West Limited temporarily weakened from 1.00 CAD on 24.3.2011 (IPO time) to less than 1.00 within about 1 ½ years CAD, continued to decline after the departure of FRANCES (a consequence of uncontrolled capital increases through the issuance of a flood of new shares ??) and has remained at 0.01 CAD since January 2015 (Link 11 - Monthly Chart).
The reason: On 20.1.2015, stock trading by Mawson West Limited was suspended on the Toronto Stock Exchange (link 12).

On October 20, 2016, Mawson West announced plans by private investment group Private Equity Resources Fund LP ("Galena"), based in Switzerland, to compulsorily acquire Mawson West Limited and compensate its shareholders with $ 0.01 (Link 13).

Galena's acquisition was made possible by Galena providing Mawson West Limited with $ 33.4 million in funds to continue financing its copper mine in Congo on Dec. 11, 2014, and by converting Galena's debt into equity reached a majority shareholding, with the addition of another board member named Jesus Fernandez to Mawson West Limited (Link 14 - Mawson West Timeline - 8th article and 6th article above).

On October 20, 2016, ARIVA was notified that the TSX in Canada has decided to delist Mawson West Limited on November 21, 2016 (link 15).

The number of shares was last since 2015 = 2,421,480,935 (Link 16) - after they had amounted to 60,000,000 in the IPO on the TSX in March 2011 - that is an incredible increase by over forty times or more than four thousand Percent!! In my opinion, such a gigantic dilution of a company's value in shares can only be described as criminal.

For comparison: The number of TIGER shares in the trading suspension on the ASX on 20.02.2017 was 2,157,152,407 !! Is not there a light on it?

Summary:

In comparison between Mawson West Limited and Tiger Resources Limited, it is noticeable that there are several similar facts that can be linked to the person FRANCES.

To put it bluntly, Mister FRANCES is now trying his luck as a reorganizer at TIGER, after a superficially reorganization of Mawson West Limited seems to have worked very well, which he also likes to point out to the IPO itself.
That the success of this supposed refurbishment was short-lived, is an open question. When the final demise of the "new" Mawson West Limited really started, FRANCES had already left the company. A rogue who thinks evil.

What you can safely say is: FRANCES has at least the necessary experience and know-how, with things like redevelopment, delisting, IPO, relisting ect. to deal, which is not bad. This is always better than when a completely ignorant tries to go to work with TIGER.

On the other hand, there is a danger: if FRANCES - without negative consequences for him - the small shareholders of Mawson West Limited "advantage" have, but for which I could find no evidence, the probability would be quite large, that he with the Small shareholders of TIGER tried again.
In the form of a compensation-free delisting perhaps?
Or in the form of a compulsory acquisition (as once with Mawson West Limted) with minimal compensation perhaps?

Nevertheless - in all skepticism: If the other circumstances in the cards play (stable copper price, capital creation for the cobalt production plant, the earliest possible cobalt production with increasing cobalt price, rationalization of staffing on Kipoi, stable political relations in the Congo, etc.) could the plan by FRANCES, TIGER successfully rehabilitate, actually work.

However, the burning question remains whether and how FRANCES intends to take into account the interests of the old and small shareholders. If it comes as it once did at Mawson West Limited, it is more than questionable whether good is to be expected.

Incidentally, what did Mr. FRANCES actually do in the period from 30.5.2012 (after leaving Mawson West Limited) to 19.12.2017 (before joining Tiger Resources Limited)? I have not researched yet.

Link 1
https://stocknessmonster.com/announcements/tgs.asx-6A917599/

Link 2
https://www.microsofttranslator.com/...wson-west-limited%3fbr%3dro%26

Link 3
https://www.ariva.de/news/...tzt-schon-spottbillig-hot-stocks-3937723

Link 4
http://www.miningscout.de/blog/2014/04/14/...igen-zukunftsaussichten/

Link 5
https://www.ariva.de/mawson_west-aktie

Link 6
http://www.delisted.com.au/company/mawson-west-ltd

Link 7
https://www.intelligentinvestor.com.au/company/...-Limited-MWE-250593

Link 8
https://www.microsofttranslator.com/...e-1594591688.html%3fbr%3dro%26

Link 9
https://www.translatetheweb.com/...0a4f62d09afad8dbb833d19-1550765445

Link 10
http://www.translatetheweb.com/...ces-management-and-board-changes%2f

Link 11
https://de.marketscreener.com/MAWSON-WEST-LTD-7670986/charts/

Link 12
https://www.marketscreener.com/...rade-Halt-Mawson-West-Ltd-19734459/

Link 13
http://www.marketwired.com/press-release/...urces-tsx-mwe-2168315.htm

Link 14
https://www.translatetheweb.com/...n-West%2ftimeline%2f%3fbr%3dro%26#

Link 15
https://www.ariva.de/news/...w-mawson-west-limited-symbol-mwe-6081713

Link 16
https://www.marketscreener.com/MAWSON-WEST-LTD-7670986/company/

Google-Translation
TG
Source:
https://www.ariva.de/forum/tiger-resources-wkn-a0cajf-in-produktion-445170?page=431#jumppos10792