@tendoji ....
" So Ozblue commenting on it appears to have higher standards than ASX."
Can you actually quote anywhere where I've stated anything like this please??
Personally I couldn't care less about the valuation of the plant as it is meaningless in whether the operation was viable. I've been on about the company getting Independent Experts in to show the viability of the operation from the get go.
You are off on your tangent still thinking of throwing good money after bad, plus still on about the ASX.
Why do you put all the blame on the ASX and question that organisation with the assumption that WFE are squeaky clean??
I still refer you back to all the info about licences and offtakes came from WFE in the first place, not the ASX, so in WFE is where you should be looking for answers.
In the guidelines for backdoor listings like this, there appears to be 2 ways a company can go about the change of activities.
Firstly, get Independent Experts to do the required studies to show a new plan has a chance of profitability....
Second if listing with an existing business, show all the books, offtakes, licences etc.
WFE chose to take the second path, even though the planned operation was not an existing business processing and trading cobalt.
IMHO as I've stated so many times is that the correct path for WFE was the first way of using Independent Experts because it was NOT an operating business processing cobalt from purchased ore!!
The ASX basically replied to WFE's choice with a 'Fine, then show us that you have all you need for this approach, (licences, accounts, offtakes etc).
It is not the ASX's fault that WFE chose the wrong method of recomplying!!!
Again, if WFE were really on the ball, then surely they would have asked for in principle advice BEFORE committing shareholder funds to a project where they put themselves into a catch 22??
You keep referring to the announcement of Jan 22 where the company call the ASX replies 'concerns' but doesn't quote the ASX in regard to this. However the company does quote the ASX at other times. Interesting, why not quote the ASX in regard to the concerns??
I've consistently called these 'concerns' as 'having a likelyhood of failing to meet ASX listing requirements', because that is what the ASX told WFE back in 2018!!
I've linked to this document before.... https://www.asx.com.au/documents/as...and-waiver-applications-1-oct-31-dec-2018.pdf
pg 3 ...
" Entity B sought in-principle approval about its suitability for re-admission following a proposed backdoor listing transaction involving the acquisition of a partial interest in an African company with a mining processing facility on care and maintenance and a 100% interest in various exploration tenements also in Africa. ASX advised Entity B of the significant likelihood it would fail to meet ASX listing requirements because the African company did not yet have the licence required to operate the processing facility, it had no supply or off take agreements in place, and there were serious deficiencies in the accounts of the African company being acquired."
WFE have known that these things were a lot more than 'concerns' for over a year, so why not quote the ASX in these matters, like they quote them on the discretion stuff??
Lastly, if the offtake agreement was really any good other than 'in principle support' then it could have easily been a full offtake agreement subject to WFE completing the acquisition. WFE obviously didn't get any such thing other than exactly what was stated........
" The Company has further secured in-principle support from major global commodity trading groups in Europe and from end users in China in respect to offtake ...".
The company pulled the pin on the project, it was their decision not to go ahead.
IMHO it was never going to work with the path they chose, and I've been consistent on that for 18 months.
IMHO you are looking in totally the wrong direction if aiming at the ASX over your losses, and I'll be consistently stating that for the next 18 months, because reading the guidance notes on significant changes to activities clearly shows to me that WFE didn't follow them.
WFE Price at posting:
2.4¢ Sentiment: Sell Disclosure: Not Held
