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Ann: Extension to Voluntary Suspension, page-248

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Sammael

817 Posts.

232

03/06/22

15:54

Post #: 61808150
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Originally posted by Davy Boy: ↑

One side is right one is wrong and in between a whole lot of grey.
Very true.
I am puzzled why not more is said about arbitration on these threads?
Its the single most important hurdle for AVZ.
IF you want to see grey wait for this to hit arbitration, which I hope for all holders never happens and I suspect the suspension is all about trying to kill arbitration off before it gets going because IF they can't it will take 3 years to sort out.
Below is an excerpt from the arbitration announcement.

The request for arbitration is merely another attempt by Jin Cheng to press the
allegation it has been ventilating in the media that it acquired a 15% shareholding in
Dathcom from La Congolaise D’Exploitation Miniere SA (Cominiere).

As previously disclosed to ASX on 4 May 2021, any purported transfer of the 15%
interest to Jin Cheng would be a material breach of the pre-emptive rights contained
in the existing Dathcom Shareholders Agreement, invalid and of no force or effect.

My first question is did Jin acquire a 15% shareholding in Dathcom or are they claiming the 15% stake was transferred to Jin? The 2 are distinctly different.
Below seems to suggest that Jin are not claiming they have 15% working interest rather that they are claiming to be a 15% shareholder in Dathcom.

AVZ International Pty Ltd, wholly-owned subsidiary of AVZ Minerals Limited (ASX :
AVZ, OTCQX : AZZVF) (Company), has received a request for arbitration and related
correspondence regarding the proposed commencement of arbitration proceedings
by Jin Cheng Mining Company Limited (Jin Cheng) before the International Chamber
of Commerce in Paris (ICC) to pursue claims by Jin Cheng to be recognised as a
shareholder of Dathcom Mining SA (Dathcom)

Now the problem I see with the above is AVZ are making the same mistake FAR did, who ultimately lost in arbitration ICC Paris to WPL.
The problem FAR had was they believed their PE rights had been ignored but the upshot was that in a share sale, there were no pre emptive rights.
Note the first part of AVX announcement above talks about Jin acquiring a 15% shareholding, not working interest in Dathcom.

Expand

Yes let's talk about arbitration.
AVZ releases this announcement out of all the legal proceedings going on in the background over the past months.
Why?
Why would zijin seek arbitration unless they have lost their claim in DRC?
Let's just note here from what we know that zijin claims to have acquired the 15% from cominiere. So why would AVZ entertain zijin at any arbitration? What exactly is zijins claim against AVZ? Doesn't add up.
Conclusion?
Strategic release from AVZ?

AVZ Price at posting: 78.0¢ Sentiment: Hold Disclosure: Held
28 Upvote

0 Great analysis

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Ann: Extension to Voluntary Suspension, page-248

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