Ann: Deferral of Fin Rep Obligations/Ext of Time to Hold 2020 AGM, page-9

Hi Rupfel,

According to PLS yesterday Altura could be wound up by end of year if PLS proceeds with the buy.
I imagine they are wanting to start things up again ASAP as if this drags through until next year the expenses of care and maintenance will be even higher than they are now?

Who is responsible for paying these costs?
and
What is the point of the deferral ?

-AJM is withholding annual accounts because it has a genuine plan? Or just because it is feeling betrayed and so has no reason to facilitate things?

....... “the AGM could not be held on time due to the ongoing administration and receivership of the Company as the ongoing audit of the financial reports is outside of the control of the Administrators​

• without the audited financial reports, the business that could be conducted at the AGM would be extremely limited and as such there is no detriment to the shareholders of the Company in extending the time to hold the 2020 AGM..”​

can someone please explain?
And can anyone example precedents?

cheers

https://tinyurl.com/MetaBlulletin

Published

Dalila Ouerghi
November 11, 2020
20:50 GMT
Pilbara Minerals could take control of Altura Mining’s assets by end-2020
Spodumene producer Pilbara Minerals could execute a share sale agreement to acquire Altura Mining’s lithium project in Western Australia in early December, subject to completion of the receivership process, it said on Wednesday November 11.

“The placement and entitlement offer would be launched concurrently,” the producer added.

A filing with the Australian Securities Exchange (ASX) on October 26 announced that spodumene producer Altura Mining had entered receivership, and that Richard Tucker and John Bumbak of advisory and investment firm KordaMentha had been appointed receiver and manager respectively, taking immediate control of all operations.

The move followed unsuccessful attempts by the company to refinance more than $250 million of debt owed to secured creditors, a press release published by KordaMentha said.

Should the acquisition proceed on completion of the receivership process, the receiver would enter into a share sale agreement with Pilbara Minerals.