Note: "Background and context"
Quote: "(sic) ....... dispose of its interest in Société des Mines de Morila SA (Morila SA) for the benefit of a range of stakeholders including employees, community and the Government. These discussions are ongoing."
~ I read: stakeholders, employees, community and the Government! What I do not read is for the benefit of Firefinch's 11,971 shareholders!
** Hello, you know us ones that you keep stating you are working in our best interests?
Note: "Communications with Government"
Quote: "In addition to the exchange of letter, Managing Director, Scott Loewe has met in person representatives of the Government on two (2) occasions including meeting with the previous Minister of Mine, Energy and Water in Toronto in March 2023."
~ He met with a now defunct minister, and ?
~ Unless he was over there doing M & A recognisance for buying ice to send back to Mali for their hot summer then it is useless information now.
~ Who was the other purported government representative/s he met? -- IMO, it must have been someone of such significance they couldn't remember?, Obviously, wherever it was, it didn't occur in Mali because if it had it would have been a bullet point highlighted in red!
Note: "On 3rd August 2023, FFX announced that it had received a letter from the Minister of Mines, Mali ("Letter"). The letter was received on the 18th July and dated the 17th July 2023 which followed from previous correspondence between the Company and the Government. As previously announced, the Letter stated that the Government will not approve any deed of sale of Firefinch's interest in Morila SA unless Firefinch resolves issues relating to the Morila Gold Mine. The issues listed in the Letter included Morila SA's financial liabilities and environmental impact at the Morila Gold Mine.
Previous correspondence from the Government included some of these issues and also raised questions regarding tailings deposited in the mine by the previous owner of Morila Gold Mine and community projects. Firefinch provided a fulsome response in writing to the issues raised by the Government.
The nature of the various letters, communication and discussions with the Government throughout 2023 and including the receipt of the Letter, has been confidential matters which are incomplete. For this reason and in accordance with its continuous disclosure obligations, Firefinch has not previously disclosed the details of correspondence with Government. However, when the Company became aware of inaccurate information in social media regarding a non-existent court order being imposed on Firefinch, the Company chose to issue an ASX release to correct this misstatement in its announcement of 3rd August 2023.
Maybe I am tired, maybe I am just seeing things for the sake of seeing things and/or just misinterpreting the above, but;
~ corrections appreciated if I have this incorrect.
** The Company received the Letter on the 18th July but due to confidential matters that were incomplete didn't announce receipt of Letter when it was received.
** The Company released an announcement on the 3rd August to correct a social media misstatement, which was following part 3.1B Continuous Disclosure rules.
** but also included that they had received a Letter from the Mali Government that they would not approve any deed of sale of Firefinch's interest in Morila SA unless Firefinch resolved issues relating to the Morila Gold Mine.
~ on one hand they initially didn't release information because of ongoing discussion!
~ and on the other hand they have just released information that is incomplete and ongoing!
I need more hands: on the other other hand, after stating at the AGM that they had no idea what was happening at Morila SA or the mine, they have now disclosed that they have been in Letter exchanging, communicating and in discussions with the Government throughout 2023?
~ making an assumption, unless they only started all this after the AGM date, then what was stated at the AGM was (I'll say fussy) .............
In my opinion,
Following a third party phone soliciting campaign & (some/all) the Board personally soliciting select holders, the Company reverts to a last ditch effort:
~ I cannot remember any Company that I have been invested in putting out announcements reminding shareholders to vote!
~ I cannot remember any Company desperate enough to also include "If you have already voted and wish to change your vote, you can do so by submitting a new proxy vote."
~ release an announcement (although it is contrary to previous statement/actions of this board) that has information that would be confidential due to its incomplete status.
~ make statements in these announcements that differ from those made publicly (AGM)
IN MY OPINION:
I am still staggered that the Company has released announcements that under normal circumstances they would not have under confidentiality clauses?
Did they realise by Monday afternoon they may not hold office and they thought, shit we better tell them about this?
WHY DID THE COMPANY MUTUALLY AGREE TO LOWE's TERMINATION
~ whilst all these negotiations were taking place?
~ not only agreeing with it but making it a handsome termination package
~ if the Board are purportedly working in the best interest of shareholders
(1) why why wasn't Lowe made to complete his 3 month resignation period?, and if he didn't want to provide the required resignation period why are you paying him out?
(2)(a) during these critical points on the Company 2 seperate negotiations, on what scale would you place Lowe's departure on the 31 August in the destabilising event meter?
~ larger or lesser of the naughty shareholder action groups 249D?
(2)(b) during these critical negotiation points, on what scale would you place the Mali government negotiations (and keeping in mind that it is already flagged it may have an impact on the timelines to the Corporate Transaction) in the destabilising event meter?
~ larger or lesser of Lowe's departure and/or larger or lesser of the naughty shareholder action group or in between?
(3) during these critical points in both the negotiations, why hasn't the Company employed an Executive??
~ Fraser is to provide the Executive leadership required! Lowe was described as a sage counsel to the Board critical to navigating the complexities that emerged during his tenure.
~ Taking this position, is Fraser now deemed NOT an independent director, how does this not become a conflict of interest?
~ as these negotiations are going to impact the time duration of any "Process", which will extend the time that Fraser will be required to act in the dual role of Chairman and Executive, at the additional costs of $250/hr or $2,000/8 hr day that extends beyond the 16 hours a month allocation as a Board member.
~ with Fraser contacting shareholders soliciting votes, is the Company on the clock for this action?
As for the amount of cash raised and spent on the Morila Mine:
The figures posters are/have been suggesting ie: circa A$270M are somewhat understated by a long margin as all revenue hasn't been included?
Post: https://hotcopper.com.au/threads/ann-government-of-mali.7509742/page-204?post_id=69523536
Cheers
Corrections to any/all the above welcomed.
Note: "Background and context" Quote: "(sic) ....... dispose of...
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