DLI – Reply Unbelievable shenanigans going on here I believe, I...

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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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