Granted they have the discovered the biggest LI resource on the planet but the country that owns the resource refuses to acknowledge AVZ,s potential rights to mine it.
The delisting thread is the most relevant forum on hot copper at this point in time as its looming fast and shareholders rights to information and the companies ability to rash cash are seriously diminished if it gets delisted !! its a big deal contrary to what the cult posters portray,
Consequences for Delisting
The consequences for the Company and its security holders if the Company is removed from the Official List are as follows: (a) Inability to trade the Company’s shares on ASX If the Company is unlisted, Shareholders will no longer have the ability to buy and sell shares in the Company on the ASX. This means that there will no longer be a readily accessible market and mechanism to buy and sell shares.
Shares will only be able to be sold by way of private transaction. There will be difficulties finding a buyer for Shares if Shareholders wish to sell them. There are also restrictions under the Corporations Act on a potential buyer's ability to make unsolicited offers to buy Shares from a Shareholder (section 1019C and following). These requirements for example, impose an obligation on a potential purchaser in an unlisted context to provide a fair estimate of the value of the Shares and an explanation of the basis on which that estimate was made.
(b)Removal of ASX Listing Rules Protection
The ASX Listing Rules will cease to apply to the Company once delisted and Shareholders will not have the benefit of protections inherent in the ASX Listing Rules. These include restrictions relating to (i) disclosures on issuing of Shares and other Securities (ListingRule3); (ii) ASX corporate governance principles (Listing Rule 4); and (iii)making significant changes to the nature or scale of the Company’s activities (Listing Rule 11).
However, Shareholders will continue to have the protections applicable to public companies under the Corporations Act. While the Company continues to have in excess of 100 Shareholders, the Company will be an ‘unlisted disclosing entity’ for the purposes of the Corporations Act, and will therefore remain subject to the continuous disclosure provisions in section 675 of the Corporations Act, which require an entity to lodge certain material information with ASIC.
The Company will also continue to be subject to obligations to prepare audited annual and half-yearly financial statements under Part 2M.3 of the Corporations Act and will be required to hold an Annual General Meeting at least once each calendar year and within five months after the end of its financial year in accordance with section 250N of the Corporations Act. Moreover, Shareholders will continue to receive the benefit of the protections under Chapter 6 of the Corporations Act (for so long as the Company has 50 shareholders or more).
(c)Restriction on Public Capital Raising
If the Company is not listed on the ASX, it will not be able to raise funds on the ASX. As set out above, the Company is already experiencing difficulty in raising funds on the ASX. The Company will, however, be able to raise funds through the issue of Shares to existing or new Shareholders, subject to compliance with Chapter 6 of the Corporations Act.
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