Ann: Trading Halt, page-15

Hi all

I'm not sure if there is a typo in that announcement, i.e. if it is supposed to be 3rd March 2020 or 3rd March 2021.

Funnily enough there were new shares issued on both dates:

3rd March 2020
20,000,000 shares issued at $0.01 for working capital.
See here: https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02210243-2A1211016?access_token=83ff96335c2d45a094df02a206a39ff4

3rd March 2021
Conversion of 75,000 options at $0.04 per share.
See here: https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02349326-2A1284692?access_token=83ff96335c2d45a094df02a206a39ff4

Not sure why the Federal Court is looking into this, but no point panicking at this point, the company are just following the book and doing what they need to do while they prepare the necessary information. Section 1322 of the Corporation Act is with respect to 'irregularities':

Running a company, no matter what size, requires an extraordinary amount of paperwork to be completed within particular time frames. It is not unusual for there to be instances where a form is not lodged in time (or at all) or a notification is not made. Discovery of such omissions can lead to very stressful situations for the people involved. Thankfully, a little-known section of the Corporations Act can assist in times like these.Section 1322 of the Corporations Act provides that a proceeding, a notice or a meeting is not invalidated because of any procedural irregularity, unless a court determines otherwise. A court may only declare that something is invalid if it is satisfied that the irregularity has caused substantial injustice that cannot be remedied by a court order.Section 1322 also enables a court to make an order declaring any act etc purporting to have been done as valid regardless of a contravention of the Corporations Act or of a relevant constituent document , order ASIC to rectify its registers, relieve a person from any civil liability and/or extend or abridge the period for the doing of any act etc under the Corporations Act where:The act etc is essentially procedural;The people involved acted honestly (meaning an absence of evidence of dishonesty);It is just and equitable to make the order; andNo substantial injustice (meaning a real and not insubstantial injustice) has been or is likely to be caused to any person.

[source: https://www.kwm.com/en/au/knowledge/insights/the-ultimate-panacea-for-faulty-paperwork-20191001]

If the date is correct (i.e. 2020) then it could be with respect to a failure of corporate governance under the old management team.

Regardless, we'll find out Wednesday.

Cheers
m