I’ve read todays announcement … here are my thoughts …The...

I’ve read todays announcement … here are my thoughts …

	The announcement	My take …
1	"Since entering administration on 2 July 2023 the powers of the Board have been suspended."	I think the text asserts that directors are not complicit in any action whilst there is some form of administration afoot. However, section 435C states : The administration of a company ends on the happening of a deed of company arrangement being executed. Moreover, I think it would be reckless to conclude that a provision in a contract (including a DOCA) could dilute statutory law defined directors responsibilities for basic company administration. With this in mind, is it possible the directors are in breach of their duties to , inter alia, compile, have audited and publish an annual report? A half year report?
2	In respect of the Mahusay transfer, "..investigations by the Administrators and Deed Administrator to date have uncovered no documented Board authority...".	From the original administrators affidavit, a special power of attorney is shown, dated 8 April 2022, executed by Raul and subsequently notorized 8 April 2022 : "...I, RAUL C. Villanueva, a Filipino citizen, ... appoint JEFFREY MCGLINN or PAUL RYAN WELKER... as my attorneys in-fact with full and exclusive power and authority to do the following: (a) Encumber, assign, sell, or transfer my 150,000 shares in Medusa Exploration and Development Corporation in favor of any qualified person or entity..." This power of attorney identified people rather than positions ie not as representatives of Medusa or anybody else. So I'm not sure that a Board discussion was necessary.
3	"... in the abscence of any valid resolution to remove Mr Villanueva from office, X64 recognises Mr Villanueva as PMC's President...'.	So the conclusion is that X64 Limited, as minority shareholder, had no right to terminate an employee of PMC. So long as Villanueva can 'control' a majority shareholding in PMC, only he can terminate Villanueva. I wonder how that resolution is going? Oddly though he's identified in the recent annual report as an executive. It looks as though he might now be an employee of MMPRC (which I think is 80% owned by X64) which might provide a shareholding capacity and /or window for passing a suitable resolution
4	"...The appointment of Ryan Welker as the Non-executive chair of MMPRC was implemented without any entitlement to remuneration..."	It's interesting they even bothered with this sentence ... maybe there are some disclosure issues. Interesting also that unlike Villanueva, he's not included in the executive Pool part of the remuneration report.
5	"... The Company is not a party to these claims and the dispute does not impact on the Company's 40% interest in the Co-O Mine and 80% direct interest in the Co-O Mill; or the current operations at Co-O..."	Breath taking! The board is controlled by a maybe majority shareholder; X64 personnel were precluded from entering the area and are / have been historically frustrated overseeing the performance of that 40% direct interest; the DOCA requires an 'acceptable shareholder dispute resolution" as a pre-condition of DOCA effectuation. How can the directors possibly justify a conclusion that these proceedings have no impact !!!
6	...Any judgement or findings ... are not binding in a separate civil action..."	No doubt but as the sequel of events included in Raul's published testimony together with the Administrators published affidavit, the sequence of documentation and events do IMO comfortably underwrite the conclusions published by the Judge "... the relevant documents are "valid and binding"..". It seems the issue is now a question of contract law rather than a civil matter.
7	"... the decision in the case is not subject to ordinary appeal..."	I'm not sure how this matters to X64 shareholders but sort of suggests that the administrators are hunting a retraction by the learned judge. Good luck as I think its the prosecutor and not the administrator or Raul who has to agree that the learned Judge was out of line
8	"...The 27 May Order restore the "status quo ante" or the last actual peacable and uncontested situation ..."	Phew, that was close!
9	“Based on the facts currently known to the Board, and independent advice, the Board and the Deed Administrator recognise Mr Villanueva as the appropriate controlling shareholder and President of PMHI…”	The Board do not recognise Mr Mahusay despite apparent chasms in Raul’s document trail… so sad!

Have a great day...