Ann: Suspension from Quotation - Listing Rule 17.3, page-86

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03/10/23

13:13

Post #: 70147175
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Originally posted by Gwaihir: ↑

It should previously never have come out of a trading halt and suspension, and still should have a listed price of $1.14 (suspended).

Also, it's critical that senior management and executives now relocate from Perth to reside for the next two years at least in Mali, if they are committed to the project and want to directly address issues with the government immediately as they occur. They currently have 25 staff in the Perth office.

Trading again today without the resolution of all issues being announced to shareholders would have been corporate suicide. I expect Leo requested a continuation of suspension and the ASX asked why? Then Leo replied that they are still in discussions with the Mali government but the ASX wanted more information, which I don't think they are entitled to because they are not shareholders of Leo. It reads like pressure is being put on the ASX from someone behind the scenes, someone perhaps with significant power, and the ASX caved in to that.

Who at the ASX determines whether an answer is adequate or not? Is it a pimply 21 year old trainee, or someone in senior management? We just don't know, but in all fairness we should be provided with the person's name, or the names of all the people on the committee making such a decision, because they themselves may be compromised. I expect that some group(s) with significant money invested in Leo have pressured the ASX for answers because they personally weren't satisfied with not hearing enough of an explanation from the company. So how much does commercial-in-confidence apply here, and is it really the ASX job to quantify and qualify that.

I'd say the ASX has clearly over-stepped the mark here, probably out of naivety and poor judgement and some external pressure. It may even be time for Leo to consider taking their listing to the LSE, eventually.

It looks like a good time for Ganfeng to step in and offer 40 cents (or less) a share for Leo and have it taken to a shareholder vote. The result of that vote would be interesting.

Gw

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Another round of fantastical drivel.

LLL Price at posting: 50.5¢ Sentiment: None Disclosure: Held
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