@manny100Firefinch haven't ceased discussions with the Government,
"Firefinch is in regular contact with the Government and keeps recording progress on the matters raised in the Letter."
Remaining Cash:
Is it a Return Of Capital or a Return of Equity or a Special Dividend?
Nonetheless, from all other Companies that I had a look at that have been through the process of returning cash back to shareholders the time line is approximately 2 months.
From previous announcements:
~
Quarterly Report (period ending 31 December 2022) https://announcements.asx.com.au/asxpdf/20230130/pdf/45l2p3cspwz44x.pdf"If the Process does not result in a transaction that delivers attractive value and liquidity to FFX shareholders, the Company intends to return a majority of its current cash to shareholders as soon as possible post the termination of the Process."
Shareholder Update -- 21 March 2023https://announcements.asx.com.au/asxpdf/20230321/pdf/45mwqhb8pkxg9h.pdf "If it becomes apparent that there are no reasonable prospects of a successful transaction within a suitable timeframe, then the Company will terminate the Process and look to return a majority of its current cash to FFX shareholders as soon as possible thereafter."
These comments or similar in relation to returning cash back to shareholders was regurgitated in nearly every announcement / quarterly report for the rest of the (2023) calendar year, with addition information in the
Shareholder Update -- 30 June 2023https://announcements.asx.com.au/asxpdf/20230630/pdf/05r4hv6lwvy4q5.pdf
~ "The Company has already commenced the steps required to undertake a return of assets so that there is no unnecessary delay in delivering this in the event the Process does not deliver an outcome. Currently, these steps relate primarily to the process to obtain a class ruling from the Australian Taxation Office as to the tax treatment on the return of Assets. Any return of Assets will also require the approval of shareholders."
++ 6 months ago they started the process with the ATO, "as above" other Companies get this sort of Capital return completed in 2 months.
There is no reason why the return of Capital (cash) cannot be included in the Resolutions and be voted on at the Annual General Meeting in May.
The Escrow Shares will need a subsequent meeting as my understanding of the restrictions means that you can't propose a resolution for a vote on the distribution of the escrow shares until the escrow period has actually expired? -- happy to be corrected, I sent an inquiry to the ASX when the Quarterly was released and awaiting a reply.
The ambiguity:
"As the quarter progressed and given the position of the Government, the Company ceased negotiations with the participants in the Process."
++ Given the position of the Government means exactly what?
~ 1/2 glass full and I would say the Process has been terminated along with the Treadstone Resources agreement.
~ 1/2 glass empty I would say that negotiations are ceased in the interim? As they have failed to mention terminating Treadstone and/or terminating the process. All just on the back burner, not spending time or effort until the Government makes a decision (on whatever they are deciding).
~ There was no mention of the majority of the cash being returned but only they were obtaining a class ruling.
LLL Shares:
Firefinch shareholders will be in a void of information post being delisting from the ASX, the obligations, rules and regulations will be what is in the Corporations Act under the auspices of ASIC.
Unfortunately, the escrow shares and the delisting are only days apart.
Only saving grace is the (the remainder of the sentence has been left blank on purpose, because the author has no idea what, if any saving grace could be!)
I will be surprised if there is much cash to return.
Good Faith discussions my backside .. .. .. .. .. .. ..
cheers
