Ann: Outcome of Challenge to Nex Metals AGM and EGM, page-4

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punter45

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12/12/22

11:01

Post #: 65272496
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Originally posted by Koala1959: ↑

The Court found that as contended by Metalicity, several proxies for the AGM “were not effective and should
not have been accepted at the AGM

...... However, unfortunately the Court went on to hold that despite the issues of the AGM, there would be no utility in making any orders in respect of the AGM as these would not impact or overturn the resolutions that were later validly passed at the EGM.So it appears that the major claim by MCT was accepted by the Court however it was determined that the outcome of the AGM would not have been changed by the removal of those proxies.

I wonder if this will give MCT a basis for arguing that both parties should wear their own costs or at least result in a reduced cost order for MCT.

As has been commented elsewhere in relation to this situation it is a total mess.

NME shareholders still have the claim facing them by MCT for JV costs which on the surface would seem to have some justification.

MCT has attempted a takeover which has not succeeded, it would seem at this stage given the impasse between the companies the successful outcome of MCT's next court case is the only way froward to solve the problem - that's assuming that some rationality will not prevail and the two Boards resolve the situation for the benefit of all. At this stage given the failure of the NME CR it would seem that NME shareholders are not prepared to financially support the company even if the takeover offer from MCT did not result in control.

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imo nme will win next case too

MCT Price at posting: 0.3¢ Sentiment: None Disclosure: Not Held
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0 Great analysis

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Ann: Outcome of Challenge to Nex Metals AGM and EGM, page-4

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