Hi ECT Rep.
NMDC held their board meeting on 13 November 2018, however, consideration of the RCA approval was deferred due to the unexpected absenceof the Director sponsoring the project. ECT is currently in discussion with NMDC to confirm whether the proposal may proceed via a circular resolution or an additional board meeting this month
The parties previously anticipated clearing board approvals and hold the signing ceremony before the end of November, however based on feedback from NLCIL and NMDC the signing ceremonywill now occur after the end of November, at a date to be confirmed.
Questions;
- ECT requested a ASX suspension which was based on the NMDC confirming their required process, however seemingly this still remains open ended. When was this feedback provided and why can’t ECT be clear and concise with a date of NMDC approval and formal signing.
- What was the reason provided by the NMDC director sponsoring the project as to why they were not able to attend the board meeting. A missed meeting that has now delayed the signing.
- Has ECT put processes in place so that another director can present on behalf of the project team if the scenario of an absent sponsor repeats.
- Will the Indian partners be present at the AGM. Has this been confirmed in writing by both the partners.
Thanks In advance
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- Ann: India Project Update
Ann: India Project Update, page-41
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