Ann: Market Update, page-60

Are they legally able to stop funding Morila S.A. and just walk away from the company's only asset without a shareholder vote?

Might that not be construed under financial regulations as a complete dereliction of director fiduciary duty, and therefore open to a class action and a range of potential civil actions?

They appear to be throwing up delays here, falling back on problematic legal advice, for which they are probably paying millions of shareholder dollars, and it will only get worse with international arbitration.
As usual, the lawyers and directors will make all the money, and  nothing will be left.

Where was that legal advice when they decided to cease funding and severe all ties with Morila S.A.
I want to view the legal advisory document for this, and as a shareholder I have the right.

The July meeting will be interesting, if any of the directors have the actual guts to turn up.
We might see a resignation or two before then, lay your bets !!!

If they had the balls to cease funding and severe all ties with Morila S.A. on a sudden director whim, or self interested legal advice, then they should not have any qualms about IMMEDIATELY returning all capital to shareholders, minus the $11 million going to Leo, and also IMMEDIATELY distribute the Leo escrowed shares to shareholders.

Then let the Malian company seeking arbitration deal with a worthless shell - why not?

What is the difference in morality and perspective and legality between this and the severing of all ties with Morila S.A without a shareholder vote?

It's not as if any of the director's international reputations will suffer, because they are already pariahs.

Just return the money, and distribute the shares, and let everything else fall where it will.

Perhaps if this happens, they are afraid of ending up on the wrong side of the Australian regulators, and disqualified from being directors ever again, and potentially ending up in prison, or being fined.

Does anyone think that would be a bad thing, either way, shareholders will have the cash and Leo shares, so everyone else can go to hell.

We've had enough of having our lives dictated to by FA's.





Gw