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78.0¢ avz minerals limited

Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-51

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Sediaws

829 Posts.

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01/11/23

12:20

Post #: 70664757
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Originally posted by sydneyguy: ↑

duly executed and completed including payment

payment wasn’t made, it’s still being held in the drc lawyers escrow account for the benefit of Dathomir for completion of the spas

that’s what was dropped last night

sure Dathomir may want more money- that’s immaterial- the fact that money was not accepted, transferred means the duly executed sale and purchase agreements did not complete —-

they are off to the icc to arbitrate the contracts sure- but they did not compete the contracts including payment

if I’m holding 20 m in my trust account for the completion of a property transaction and I don’t pay it out then I can’t just register full title and hold the money - I’m in dispute- and I would tell my client it has not completed yet you can’t claim it until it’s sorted out, might put a caveat on the property or shares but you can’t go ahead and offer them as security to the bank or on sell them yet as we are in dispute and we have not settled for whatever reason, claim legal title but you don’t actually have it your In dispute at settlement

If a court then makes a ruling against the wholly owned subsidiary of the client buying the property or shares and I tell them - ahhhhh don’t worry about it it doesn’t affect you, just your wholly owned subsidiary I should be shot in the face

sure we take action perhaps in icc if that’s where disputes are notes to be taken under the contract but I don’t pretend it doesn’t affect the ultimate purchaser by me still holding settlement money

a bit like putting a caveat a property - you claiming a right over the title and holding up a vendor dealing with it whilst you sort out a dispute claiming you do infact have legal title
Under a contract duly signed and consideration is waiting and going to court to have them rule

of course you would tell that to your client, we are going to claim legal title- we put a caveat on it and will seek remedy pursuant to the contract —ie we duly executed the purchase and consideration is here but vendors didn’t compete and we want court or whomever with jurisdiction to enforce our rights over the contract - ie force the vendor to take the money and give us title

Avz did not tell anyone until last night that the payment was still being held by its lawyer - which means it did not COMPLETE INCLUDING PAYMENT, settlement did not occur and we- Avz Ltd the owner of avzi is seeking enforcement at the icc who are noted as the only place to arbitrate any contract dispute

they made out since august 2021 that the spas completed including payment —- but the reality is the payment is still being held by its lawyers and settlement is in dispute and didn’t happen and is now subject to icc arbitration and until that is sorted it can claim legal title ( it’s position) but until icc rules on the contracts it doesn’t own anything- it’s in dispute and payment hasn’t been made to date

Avz should have disclosed to the market in august 202 that the settlement for the purchase of 15 percent from Dathomir of dathcom shares taking its stake to 75 percent did not settle and is subject to dispute and its lawyer is still holding settlement funds in its trust account

it’s has never accounted for or mentioned this cash held in escrow in any report before as far as I’m aware

Expand

I take your point on board.

Is the lawyer holding the money AVZs own or are they acting as a settlement agent?

I haven’t read the sale contract but I’d assume it’s far more in depth and detailed than that relating to the purchase of a home.

The fact that AVZ has always and continues to state confidence in legal ownership of 75% after employing lawyers leads me to believe the way that the contract is written confirms this lawfully.

Last edited by Sediaws: 01/11/23

AVZ Price at posting: 78.0¢ Sentiment: Hold Disclosure: Held
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