Good Afternoon Ned,
I'm thinking now this new director was brought in to over see funny business for the scorpion J/V and protect Fenix interests as well as get the project up and running.
Not sure if you have made it through the annual report and substantial shareholders.
2019 below
View attachment 33386032020 below
View attachment 3338576The highlighted part is the liquidator seizing part of the securities for looks like un paid Tax debts amongst other unpaid creditors putting in their claim, it is still going through the courts and will hopefully have a result within 12 months.
If you were a creditor you would be hoping that the options dont expire prior to getting sold.
The following PDF is publicly available information
Source
View attachment 3338585 Click to open.
I'm largely still going though some things as you can tell by the attached document that it is quite the maze and time consuming.
I'm hoping with Director Barnes that she seems to be cleaning this up, looks like so far there has been good governance too.
Additionally thats perhaps why the company has changed auditors for the account to get away from the former directors dealings.
My assessment now shifts to Maltham (FEX director) to protect Fenix business dealings in the joint venture arrangement and possibly help get the project up and running, once good drill results are confirmed.
Interesting isnt it, when you start to dig at what you will find.
I'm updating my sentiment to hold till i have conducted more due diligence.
Just thought i would let you know what i had found Ned.
Oh and this is all publicly available information on the internet.
Have a good afternoon.
Rooks.
p.s. 1 last 1 if the former director is declared bankrupt like the attachment alludes to then, i'm pretty sure that he will have to give up all directorships of all his other companies.
That would spell disaster for the substantial share holders.
Perhaps some one could let me know if this last point is correct or not.
