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Ann: COMPULSORY ACQUISITION BY QGOLD, page-4

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mistie

1,751 Posts.

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21/03/24

16:08

Post #: 72998396
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Originally posted by borrks ↑

And there we have it.

11c. What an absolute disgrace. Mr Wallin obviously believes the company to be worth at a very minimum $50 million (which he already offered).
CWX Directors rejected this offer and have now left shareholders with an offer of half that.

One has to ask what deal has been made "off the books" between Mr Wallin and CWX Directors but this absolutely stinks.

Its clear the Directors/Mgt have been sitting on their hands since the $5m raise and not progressing anything at all.

CORPORATIONS ACT 2001 - SECT 661E Holder may apply to Court to stop acquisition

(1) The holder of securities covered by a compulsory acquisition notice under section 661B may apply to the Court for an order that the securities not be compulsorily acquired under subsection 661A(1). The application must be made before the later of:
(a) the end of 1 month after the holder is given notice under section 661B; or
(b) the end of 14 days after the holder is given a statement under section 661D if the holder asks for it.
2) The Court may order that the securities not be compulsorily acquired under subsection 661A(1) only if the Court is satisfied that the consideration is not fair value for the securities. Note: See section 667C on valuation.
(3) If the Court makes an order under this section in relation to an acquisition of securities, the order applies to all holders who have applications to the Court pending for an order under this section in relation to the acquisition.

CORPORATIONS ACT 2001 - SECT 667C Valuation of securities

(1) To determine what is fair value for securities for the purposes of this Chapter:
(a) first, assess the value of the company as a whole; and
(b) then allocate that value among the classes of issued securities in the company (taking into account the relative financial risk,and voting and distribution rights, of the classes); and
(c) then allocate the value of each class pro rata among the securities in that class (without allowing a premium or applying a discount for particular securities in that class).
(2) Without limiting subsection
(1), in determining what is fair value for securities for the purposes of this Chapter, the consideration (if any) paid for securities in that class within the previous 6months must be taken into account.

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DLI – Reply

Unbelievable shenanigans going on here I believe, I was told that the MD said that the Tropicana Gold Project was worth well over $15 million (BDO report - $5.9M preferred) in its own right. Yet they have evaluated the entire Company’s portfolio at a preferred price of $19.8M.

No such thing as an independent when the CWX via Q Gold is paying the independent bill. When something smells it most likely stinks. Disgraceful I say …

……………………………………………………………………………………………….……
Sometimes the questions are complicated and the answers are simple.
~ Dr Seuss

CWX Price at posting: 10.5¢ Sentiment: None Disclosure: Held
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(20min delay)
Last 9.1¢		Change 0.005(5.81%)		Mkt cap ! $21.48M

Open	High	Low	Value	Volume
9.1¢	9.1¢	9.1¢	$68	744

Buyers (Bids)

No.	Vol.	Price($)
1	1500000	9.0¢

Sellers (Offers)

Price($)	Vol.	No.
11.0¢	23199	2

View Market Depth

No.	Vol.	Price($)
1	1500000	0.090
1	11647	0.085
2	97249	0.080
1	100	0.047
0	0	0.000

Price($)	Vol.	No.
0.110	23199	2
0.115	175000	2
0.120	10000	1
0.125	25000	1
0.000	0	0

Last trade - 11.53am 26/07/2024 (20 minute delay)

CWX (ASX) Chart

Ann: COMPULSORY ACQUISITION BY QGOLD, page-4

IGO kicks off earn-in copper drilling on-site Encounter's Yeneena play as it adopts new identity

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Capital raisings wrap: Brainchip, Ovanti, Lake and VHM

Tissue Repairs soars nearly 32% on TGA approval for wound healing gel

Red Hawk upgrades Blacksmith with DSO mineral resource at the Eagle Deposit

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Monadelphous inks $200M contract with Woodside to help build Pluto LNG – but will it make Scarborough cheaper?

Nova locks in NASDAQ US market listing at a value of only US$3.3M as ASX gets quieter and quieter

Horizon firms up ore reserve for Boorara ahead of FY25 Q1 development decision

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Ann: COMPULSORY ACQUISITION BY QGOLD, page-4

Top Stories

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Nine's staff strike as Paris Olympic coverage begins

Capital raisings wrap: Brainchip, Ovanti, Lake and VHM

Tissue Repairs soars nearly 32% on TGA approval for wound healing gel

Red Hawk upgrades Blacksmith with DSO mineral resource at the Eagle Deposit

MinRes jumps 5% as the company meets production guidance – depressed iron ore prices be damned

Monadelphous inks $200M contract with Woodside to help build Pluto LNG – but will it make Scarborough cheaper?

Nova locks in NASDAQ US market listing at a value of only US$3.3M as ASX gets quieter and quieter

Horizon firms up ore reserve for Boorara ahead of FY25 Q1 development decision

ASX Market Open: ASX200 to rise for Friday session | July 26

Featured News

Buyers (Bids)

Sellers (Offers)

Featured News