Firefinch Limited end of financial year being the 30th December 2022, must hold its AGM within 5 months of that date.
++ Corporations Act - Section 250N
~ the Company can apply to ASIC for an extension for:
(a) there are circumstances outside the control of the Company that makes an extension necessary and/or
(b) it would be in the best interests of the members of the Company.
~ this could be a possibility if for instance, with all the innuendo of a deal being close, maybe an extension for (whatever it is that would require a vote) an almost completed transaction that is conditional of shareholder approval and rather than delay the transaction by having to organise a further meeting/vote? post the AGM, roll them into the one meeting?
++ but given the generous time lines they have announced, they will update shareholders regarding "progress" towards a binding transaction this quarter, so I wouldn't be holding my breathe.
Which makes the latest it can hold its AGM 31st May 2023.
~ as FFX is a listed Company, they are required to give a minimum of 28 days notice of the AGM.
~ However, the Company can call an AGM on shorter notice if it is in the Company's constitution . . . or if all shareholders agree.
Points to ponder:
Questions:
~ the Chair of the AGM
must allow members to have an opportunity to ask questions
or make comments about Company management, the remuneration report, and to auditors - basically, they just can't throw the baby out with the bath water if it gets too uncomfortable for them to answer the difficult questions!
~ the auditor is entitled to attend the AGM, any member can submit written questions to the auditor (these have to be received by the company at least 5 days before the AGM) which in turn the company will pass these on to the auditor for them to address.
~ the company must make a copy of all questions available to the members attending the AGM either before, or at, the AGM.
~ questions must be related to the report being considered.
** it isn't clear in all the regulations whether this is only for the questions to the auditor or for any general questions as well.
I'm sure there will be a lot of questions to present to the company, lol . . . .
~~~ first off the bat,
~ why did the Company choose to totally ignore shareholders by closing down communications and engaging a 3rd party PR firm to take all enquiries?
~ why was Anderson paid the $450,000?
++
on what grounds was Anderson's employment terminated? (ignoring the "by mutual agreement rubbish") and what criteria was used to pay a benefit?~
~ why did Cowden resign?
~ why did the company sell the LLL shares? !!!!!!!!!
~ how can Fraser justify the circa $260k consultancy payments plus his increased salary?
~ why are we maintaining a Managing Director, Chairman, 2 NED's and a General Manager of Finance? if the bulk of the strategic review is being performed by Treadstone?
~ why was Lowe's employment extended passed the end of the probationary period?
++ although, IMO, since Lowe has taken the reigns, at least he is getting some things done
~ who were the Firefinch representatives on the Board of Morila SA?
~ considering that the Morila Mine management stopped providing information to FFX, why are we so hell bent on supporting the stakeholders? which I assume to be the local communities?
@WoodySpoon has the insurance correct, the indemnity insurance is to protect individual directors/officers of the company personal assets.
~ the insurance also covers past and present directors/officers and it really is pie in the sky thoughts at the moment, but that is pending the outcome of the strategic review and what amount of individual (if any) loss is incurred.
cheers
