"delivery to a Rizhao nominee" ????? SS & T perhaps ?????

First 7 Last

Share
Profile

Follow
h00ts

46,655 Posts.

8784

03/11/14

11:21

Post #: 14226876
Share

Originally posted by Undaunted ↑

Note the comment from above:

"At the time Pluton was also facing legal threats from Rizhao, a major customer and creditor, over allegations it diverted shipments due for delivery to a Rizhao nominee to unknown buyers.

Last Tuesday, lawyers acting for Rizhao wrote to Pluton and Wise threatening legal action if an explanation for the missing shipment was not supplied."

....and this from PLV's prospectus

2.6 Rizhao update
Under the long-term iron ore sales arrangement with Rizhao, the Company and Wise
have agreed to deliver shipments of iron ore in accordance with an agreed shipping
schedule. Subsequent to agreeing that shipping schedule, agreements have been
reached with third parties whereby the Company and Wise have agreed to sell certain
shipments that form the subject of the Rizhao shipping schedule to third parties. In the
past, the Company, Wise and Rizhao have on a number of occasions agreed that
shipments the subject of the Rizhao shipping schedule may be on-sold to third parties for
a fee and subject to Rizhao’s prior written consent. Rizhao may claim that its prior written
consent was not obtained nor a fee paid in respect of the on-sale of recent shipments to
third parties where it ought to have been, which may give rise to a contractual claim
against the Company and a right of Rizhao to demand repayment of a debt owed to it by
the Company and the Wise. There is a risk of Rizhao taking enforcement action against
the Company under the terms of an all assets security granted by the Company in favour
of Rizhao that secures performance by the Company of its obligations for delivery of iron
ore and repayment of the debt owed to Rizhao.

What a tangled web this is becoming.

Expand

"delivery to a Rizhao nominee"

????? SS & T perhaps ?????

PLV Price at posting: 3.4¢ Sentiment: None Disclosure: Not Held
2 Upvote

0 Great analysis

Reply

Top Stories

SER

How flooding did Strategic Energy Resources a favour: Four holes down in 'redesigned' gold & copper campaign

CC9

Chariot locks in high-potential drill target at Black Mountain, one of the USA's largest lithium landholdings

Week 34 Wrap: HotCopper's top watched; Oz banks cut saver interest; Kamala’s 28% corporate tax; AI’s back

The Rising Tide: How institutional adoption is shaping the future of crypto

Why are so many ASX explorers setting up shop in Saudi Arabia? + 8 stocks to watch

There are more pages in this discussion • 10 more messages in this thread...

First 7 Last

Add PLV (ASX) to my watchlist

"delivery to a Rizhao nominee" ????? SS & T perhaps ?????

Top Stories

How flooding did Strategic Energy Resources a favour: Four holes down in 'redesigned' gold & copper campaign

Chariot locks in high-potential drill target at Black Mountain, one of the USA's largest lithium landholdings

Week 34 Wrap: HotCopper's top watched; Oz banks cut saver interest; Kamala’s 28% corporate tax; AI’s back

The Rising Tide: How institutional adoption is shaping the future of crypto

Why are so many ASX explorers setting up shop in Saudi Arabia? + 8 stocks to watch

Featured News