It took 5 years as the same camp it is alleged decided to use CHM assets to build Nicu (MMX) then pushed CHM into into receivership
Current board I understand brought it out of administration and discovered misdeeds of the founders of Nicu/CHM. Original founders of Nicu (MMX) thought misdeeds were buried with CHM heading into receivership and they hoped liquidation.
CHM board have no choice but to pursue matters at it is their fiduciary duty once they followed trail back. This is something administrator should have pursued but failed to follow trail but having seen that profession in action that does not surprise me.
If CHM was shonky incorporated then Nicu (MMX) must be tarred with the same brush.
It has taken this long I would guess to get rid of liquidator, get cash in the door to meet listing requirements, track back record of transactions that I assume original CHM/Nicu tried to hide and build case.
I think it is over 18 months since CHM first wrote to MMX stating they believed they had rights to share of assets. This was well before MMX started takeover activity. New MMX board chose to ignore claim.
CHM appears now to have backing to push matter which I hazard to guess original MMX board never thought would occur.
If what is claimed in SOC is correct MMX would never have secured assets in the first place without raiding CHM cash and some how ending up with CHM shares to sell. No assets no great mining company.
Even though the amount is approximately 500k in proportion to what MMX originally paid for assets this is a significant portion of the original consideration and therefore could be a signficant claim.
CHM Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
