what about the quiet 10 million shares Barnes and Grimaldi picked up as part of the takeover not disclosed to shareholders.
in relation to proving it up CHM have shown that money straight from their bank account was paid to the vendors. Its in the statement of claim and the bank isnt going tolie for CHM.
The issue for Barnes Grimaldi and MMX is that despite what they claim happened cheques can be traced, share issues in CHM traced and what and when they were sold for can be traced.
If parties end up with shares in CHM for transactions that provided no real benefit for CHM and then these shares get sold and the same parties then immediately invest in MMX giving MMX much needed cash then these things can be traced and then the judge can work out what he believes the intention was.
CHM Price at posting:
9.6¢ Sentiment: Buy Disclosure: Held
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