The directors should be removed and the company relaunched with...

First 112 Last

Share
Profile

Follow
Mschubach

209 Posts.

86

06/12/23

19:27

Post #: 71311009
Share

Originally posted by Gwaihir ↑

AFTER a failed venture into copper-gold mining in Queensland, former directors of Navarre Minerals are in prime position to regain control of the company.

Administrators BDO confirmed that creditors for Navarre's six Victorian subsidiaries, have backed a deed of company arrangement proposal that would restore directors James Gurry, Ian Holland, and Kevin Wilson.
(Mining News, Aug 2023).

It's still unclear to me, if the former directors go ahead and re-gain control of the company, whether shareholders will receive anything, though I'm expecting nothing.

One way of extinguishing some debt and responsibility is to declare administration, which usually means that retail shareholders are stripped of their shares, or at the very least, see only a very small proportion of their investment returned, sometimes through a recapitalization and consolidation exercise that sees them end up with about 5% only, of the value of their original holdings. This has happened to me on a couple of occasions over the past 20 years.

It is beginning to look like the company will trade again on the ASX, with the original directors, and with the Victorian assets, but what retail shareholders will receive is problematic, we simply can't know until the final report and announcement is made, hopefully in plain English so that everyone can understand.

Gw

Expand

The directors should be removed and the company relaunched with a choice of new directors from the largest non board shareholders. Cyl could also in the near future buy out the Victorian tenements. As a cyl shareholder that would be ideal. Would be an interesting exercise to find out how many hc members are also cyl holders. Anyway, what a pathetic leader Holland turned out to be - makes you wonder why Fosterville let him go.

NML Price at posting: 1.9¢ Sentiment: Hold Disclosure: Held
8 Upvote

0 Great analysis

Reply