With the lack of financial reports being submitted, I assume that will be applicable for a return of capital (cash) as well?
AGM require the financial reports to have been submitted to the ASX & ASIC under the guidelines of the Corporations Act - Section 317
Consideration of reports at AGM(1) The directors of a public company that is required to hold an AGM must lay before the AGM:
(a) the financial report; and
(b) the directors report; and
(c) the auditors report;
for the last financial year that ended before the AGM.
Update - Interim Accounts announcement released on the 4th October 2023
https://announcements.asx.com.au/asxpdf/20231004/pdf/05vnvchdkx03sv.pdfFirefinch Limited ("the Company" or "FFX") wishes to provide the following update in relation to its interim accounts for the six months ended 30 June 2023.
The Company has been working closely with its Auditors, PricewaterhouseCoopers ("
PwC"), on the half-year review and interim accounts which have been substantially completed. Finalisation of the half-year review and interim accounts
is subject to an outcome following recent correspondence with the Government of Mali ("
Government") regarding the Company's plans to dispose of its interest in Société des Mines de Morila SA ("
Morila SA")
Basically, nothing is going to progress until the "Good Faith" discussions are completed and the outcome/s handed down by the commission are addressed.
cheers
@dazaliam Couple things mate,
~ Gareth is correct, the Company can add all the fluff they want to appear to be doing something, ie: are in the process of obtaining class rulings (note: plural) for both the return of capital (cash) and the return of assets (LLL shares) but until they provide record dates, payment dates and distribution dates the ATO cannot possibly give a ruling? Also note, that they "allegedly" started the process of getting a ruling in June 2023, yep just keep dangling those carrots!!!
I can see the email transcripts:
FFX: Can you give us a class ruling on returning assets (cash component & shares held in another Company)
ATO: Sure, what is the proposed record date, cash payment date, share distribution date?
FFX: We don't know yet
ATO: Oh, Umm, Ok. When you have those dates can you advise so we can actually work out values to base our rulings on.
FFX: "crickets"
~ As for: "The Company continues with the process of obtaining a class ruling from the Australian Tax Office as to the tax treatment on the return of assets to Firefinch shareholders. Subject to the outcome of the class ruling, shareholder approval, and the Leo shareholding coming out of ASX escrow in June 2024, the Company
may then be in a position to distribute the Leo shares.
++ The text highlighted red, doesn't concern you?
~ With the ambiguity that is typically in Firefinch Company announcements:
Has the discussions with the interested parties to the Corporate Transaction been terminated? or just ceased/paused because of the delays with the Government?
~ If the transaction has been in fact terminated, why wasn't;
(a) the process for a return of Cash indicated in the announcement? or advising shareholders Treadstone Resources service contract has been terminated?
(b) Given that the Board approved the release of an announcement on - 30 June 2023
Shareholder Update
https://announcements.asx.com.au/asxpdf/20230630/pdf/05r4hv6lwvy4q5.pdfIn the event that the
Process fails to deliver a binding agreement, then Firefinch will commence the process of returning cash and Leo Lithium Limited ("
Leo Lithium") shares held by the Company (Assets") to shareholders. This will be undertaken by a return of the majority of current cash to FFX shareholders as soon as possible thereafter. Following the return of a majority of the current cash to shareholders, FFX will the distribute to its shareholders all Leo Lithium shares currently held by FFX after they are released from ASX imposed escrow in June 2024 together with any remaining cash.
