Good pick-up
52….
TMK (to my knowledge) any Director could sign the Ann tantamount to informing the stockmarket that a
Capital Raising was to take place shortly, provided that the text used in the Ann – as the reason for requesting the TH -
was limited to just that only.
i.e. such an Ann
- would not be regarded as a Trading Halt type, if it contained any mention of any extra detail
such as naming a 3
rd Party that was to become, or likely to become financially involved with the Co. making the Ann.
The consequences of any ASX-listed Co. making an Ann to the ASX – foolishly containing such superfluous extra detail – that from which it could be inferred that some immediate financial advantage could be acquired by those in the know – to the expense of the general market - would IMO – oblige the ASX to immediately instigate a Suspension – in the trading of the Co’s shares, due being against ASX Rules – until it got an explanation from the Co. as to why it made such Ann.
Note: From memory I’ve seen this happen maybe once or twice in a century
, to the effect that any share trades that took place between
- the time such an Ann was made, and
- the time the ASX implemented the Suspension – would be reversed, on some sooner-rather-than-later date.
If it was then established on such later date that the Director that signed the Ann was either directly or indirectly “implicatable” in carrying out an action against Corporations Act Rules governing Directors, then the ASX would eventually take legal action, IMO, against that Director, or at best be down on him/her like a ton of bricks.
Hence Gillian being the signatory to this TH Ann. as the only info she has declared about her other Directorships, is of that in
Deep Yellow (ASX Code: DYL) & Comet Ridge (COI).
Thus, because James McKay is a Director of Walcot Capital – is probably why he didn’t sign the TH Ann.
If he had – as your post infers - any reader of the Ann could then construe? that this financier’s name might well be mentioned in the Capital Raising Ann, now to be made by some time tomorrow, or at the latest by 10am Friday, to avoid Suspension.
If that CR Ann contains specific ref. to Walcot Capital becoming “involved”, then also within that Ann, I’d expect that JMcK will “declare his interest” as being a Director of Walcot.
Importantly that is IMO only.
I’ve never been involved in administration of Public Co. Corporate Law, only the Law relating to small-cap and mid-cap Private Cos., during my Accountant/ Co. Secretary career since 1972. Guata.
(20min delay)