Hi as a shareholder can you please provide me with the following .
Now that it has been confirmed that Mr. Clarke, Mr. Torres and Mr. Gonzalez have left Vallenar please provide information on the following:
In relation to your statement in regards to Mr Clarke, Mr Torres and Mr Gonz�lez, we reiterate that Admiralty Resources NL, as any public company, is bound by disclosure duties to the market in relation to the employment conditions of its Directors. Disclosure does not apply for any other employee of the Company or any of its subsidiaries that is not a related party. Mr Clarke, Mr Torres and Mr Gonz�lez fall into that category and therefore we will prefer not to disclose the employment status or conditions with any other party in order to protect the employee�s right to privacy.
� what remaining people in Vallenar have technical skills and what are those skills?
what will become of remaining staff? Are they to remain employed by Vallenar or will they �leave� like Mr. Clarke, Mr. Torres and Mr. Gonzalez
The Directors are confident that the shareholders will see the value in the Icarus transaction and will vote for this transaction, in which case, Icarus or its subsidiary will be taking over the operations of VIC, including premises and staff, contractually payable by VIC (Notice of Meeting, page 9, section 8.d)
Upon approval of the Icarus transaction and the transfer of the Excluded Mineral Concessions to a subsidiary of Admiralty, the Company will ensure its agent in Chile appoints personnel and/or subcontractors in order to continue the exploration of the Excluded Mineral Concessions.
� Has Admiralty/Vallenar paid the amounts due to Mr. Clarke, Mr. Torres and Mr. Gonzalez as is outlined in page 16 of the Admiralty Annual Report?
Mr Clarke, Mr Torres and Mr Gonzalez are not entitled to any termination payments outside of the notice period. Please refer to the above statement made in relation to payments to non-Directors of the Company.
� How much has been paid/is to be paid to Mr. Clarke, Mr. Torres and Mr. Gonzalez, and other staff that �leave� and what effect will this have on the liquidity/solvency of Admiralty and Vallenar?
The Company has no further disclosure obligations in relation to the payments to be made to Mr Clarke, Mr Torres and Mr Gonzalez further than the disclosure of the Top 5 paid personnel in the Annual and Half Year Accounts and the Company doesn�t deem any disclosures in relation to these employees are to be made at this point in time.
In relation to your question about the solvency of VIC and ADY, the Directors maintain the Company will be able to pay its debts as and when they become due and payable, as stated in the Director�s Declaration in the Annual Report. In addition to this and should the Icarus transaction be approved at the EGM, Admiralty expects its net cash position following the payment of the first instalment of the initial consideration (US$1,000,000) to be approximately A$1,500,000. ( Notice of Meeting, page 9, section 8.c)
If the proposed sale to Icarus does not pass at the EGM how will Admiralty:
We find there is no need to speculate in relation to the actions the Company will undertake in the event of a vote against the Icarus transaction. The Directors have recommended the shareholders to vote FOR the transaction as they believe it is in the best interest for the Company and its shareholders.
Should the transaction not be approved, your queries will then be attended to.
� Manage the requirements in Chile � particularly as the senior technical staff (and others?) are no longer or will at the time of the meeting may not be employed by Vallenar?
� Ensure that it has sufficient liquidity to: pay the Break Fee; pay the amounts due to Mr. Clarke, Mr. Torres and Mr. Gonzalez (and others?); and fund its ongoing costs in Australia and Chile?
When is the AGM and what resolutions will be put to the shareholders for consideration.
We are looking at holding the AGM on 30th November 2010 but we are still confirming the venue details.
The resolutions to be put to shareholders for consideration will be disclosed in the Notice of Meeting, likely to be released to the market by the end of next week.
ADY Price at posting:
4.0¢ Sentiment: Hold Disclosure: Held
