The Federal Court has temporarily lifted travel restrictions on Continental Coal executive director Peter Landau after the corporate watchdog yesterday agreed to allow Mr Landau to visit Britain on business this month.
But Mr Landau has been ordered to return to Australia by May 8, and the Australian Securities and Investments Commission told the court yesterday its consent to the trip was contingent on Mr Landau assisting Continental Coal’s provisional liquidator in its investigations.
WestBusiness can also reveal a second ASX-listed company associated with Mr Landau is the subject of an ASIC investigation, with court documents showing the corporate regulator is also examining the affairs of Black Mountain Resources.
Mr Landau quit the Black Mountain board this month, but court documents show ASIC is investigating a $6.8 million capital raising in August 2015 to support the company’s abortive move to buy 20 per cent of a salvage operation targeting gold in vessels sunk by German U-boats in World War I.
ASIC said it was looking at whether Mr Landau misled the market in November 2015 when the company announced shareholders had committed $2.7 million to the raising, when only $1.2 million had been received.
Directors Mr Peter Landau –
Executive Director Mr John Ryan – Executive Director Mr Jason Brewer –
Non-Executive Director Company Secretary Ms Jane Flegg (Named in ASIC investigation)
So under the watch of these directors. It would seem that ASIC believe that the market was misled.
Half year.
As announced by the Company on 7 September 2015, the Company received subscriptions and shortfall applications to the value of A$2,729,467 and 272,946,655 Shares were issued, following consultation with ASX, under the Rights Issue on 11 September 2015.
According to the HALF YEAR. Cash at hand was just $50,100. So where has the amount ASIC says were only received gone?? $1.2m.
Half year.
Employee and director benefits expense (174,686)
Financial and company secretarial management expenses (150,000) Flegg
Consultants and travel (554,876)
Latest announcement.
ASX Announcement dated 5 February 2016, will seek to raise up to A$4.5m with approval from its shareholders under Listing Rule 7.1 and by way of a full-form prospectus required under section 710 of the Act.
Feb 5
The Company received subscriptions (comprising entitlements and shortfall applications) to the value of A$2,729,467. 272,946,665 Shares were issued, following consultation with ASX, under the Rights Issue on 11 September 2015.
As we now know this amount does not exist. Yet BMZ refer you back to this announcement.
So $4.5m they say?? Under rule 7.1
Half year. Total liabilities as per the statement of financial position 4,604,134
Total Current Assets 55,359. Oh dear!!!!!!!!!!!!!
So while Executive Director Mr Jason Brewer was a director of BMZ. ASIC are investigating the misleading claim to market that $2.7m was received when only $1.2m had been. It seems that the full 270m shares were issued. But who knows if that is true.
Now Mr Brewer wants to float another company. One that already failed at Gulf some years back under the control of Ex Range director Sir Sam Jonah. Who would be the vendor of this.
And who would be operating this mine??? The same people as the already failed Gulf??? The same equipment that failed be make a profit then?
If Mr Brewer does not know what another director of BMZ has been up to. How will he manage another African project??
I will bring your attention to KAB he managed and invite you to read what has just been posted on that forum regards money and share issues. Note where this poster says the money came from.
A project that is now in Admin.
(20min delay)