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MOY

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5.1¢ millennium minerals limited

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3,280 Posts.

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07/03/20

14:55

Post #: 43359358
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Originally posted by McK ↑

In my opinion the focus now for Moy s/holders should be to contact deloitte before 18 March via email [email protected] to prevent the transfer of our shares for no consideration to IMC.

With gold prices moving north of A$2500 (due to the toilet paper/coronavirus crisis) it is difficult for the court to deem our shares as having no value - but we have to let them know.

Below I have cut and paste the email I submitted on Friday as an objection and template:

Good luck

MILLENNIUM MINERALS LIMITED (SUBJECT TO DEED OF COMPANY ARRANGEMENT)

Please present this correspondence to the Supreme Court in its ruling on the Section 444GA application for the transfer of shares from the shareholders of Millennium Minerals Ltd (MOY) for no consideration to Singapore’s IMC Resources Gold Holdings Pte Ltd (IMC).

As a shareholder of Moy I object to this transfer and was extremely disappointed to learn that Australian legislation exists, which allows a foreign company (sometimes in suspicious circumstances) to gain ownership of shares from Australian shareholders and taxpayers, against their will.

While well intentioned in regards to creditors, this legislation clearly presents opportunity for manipulation.

In this particular case, it can be argued that by using its leverage as both the major shareholder and creditor, IMC can use Australia’s 444GA as a cost effective way to gain complete ownership of MOYs assets. A smart business decision by IMC, but with no regard for small shareholders.

With a gold price nearing $A2500 (4/3/20) the experts report used to justify the zero valuation e of MOY’s shares also needs to be re-examined. The expert's report on MOY’s value provides its analysis based on a Gold Price of A$2165.

I have a strong faith in Australia’s court system and hope a just ruling is made.

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MOY Price at posting: 5.1¢ Sentiment: Hold Disclosure: Held
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