It's a complicated regulatory environment (particularly for a retail investor) with MLs, NTMAs, & PEPRs, but you'd hope the CEO would be up on it all.
With regards to the change of wording form "Pursue divestment of iron ore projects" to "Pursue transaction on iron ore projects", I think I prefer the second wording as it seems to open up a lot more options with regards to partnering as opposed to outright sale.
Which also raises a regulatory question. If someone had asked me what HAV's "main undertaking" was 12 months ago, I definitely would have said "Kalkaroo". If someone asked me now, I'd be tempted to say "Grants Iron Ore Basin".
The question is important because it is my understanding that a company cannot dispose of its "main undertaking" without a shareholder vote.
My understanding of what a "main undertaking" is informal, as I'm merely a retail investor. What legally is understood as the "main undertaking" I don't know, HAV management definitely should.
Ann: SIMEC Exclusivity Extended on Iron Ore Projects, page-45
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