If the LLL settlement, if it ever occurs mentions being in regards to a settlement for another companies liabilities, they may as well pop out a sign saying We Welcome Class Actions
LLL indemnified FFX and Ganfeng for tax liabilities on the demerger. THATS IT.
Nothing to do with Morila. That asset belongs to FFX and FFX shareholders.
Both parties have publicly said on numerous occasions there is NO LINK with each company. Which is absolutely correct in Australia where both companies operate under the relevant legislation and reporting.
But the Mali “Pub test” clearly disagrees and given the assets are in their jurisdiction it is hard to argue, especially given the overlaps they have had which I have listed on numerous occasions.
The FFX Directors have put themselves in a position with their walk away action, to make it very hard to now make a financial settlement IMO.
Who gave that advice and was it on the basis purely for the Morila asset or did they take into account the remaining only major asset was in the same jurisdiction?? Was shitting on your own doorstep a consideration?
Legal recourse for this advice if it costs FFX holders more money??
LLL likewise from day one have said on every webinar and question time where it is has been raised, that FFX and LLL are seperate. No connection WHATSOEVER!!
Back pedal on that Simon and Rick.
200m shares Changed hands in the 9 days of trading after the 1st suspension. I reckon there will be a lot feeling very aggrieved given the webinar.
As an LLL holder no way should they be signing any agreement and making a settlement payment for whatever reason they have (Transaction tax etc) unless they know the Morila issue is resolved by FFX, otherwise the next Minister or Junta will use it against LLL again.
Likewise as an FFX holder, if they were to make a settlement payment don’t bother unless the LLL escrow shares are guaranteed to be worth something and actually be trading. For that LLL needs to be settled.
On an FFX payment, I think most holders now will probably sacrifice the cash for the escrow to be distributed and trading. They would need and want SH approval for that with an indemnity for the no Liabilities call.
It is a real shitstorm. I DID have a bit of sympathy for Simon and Rick. DID you will note. They lost me with the excellent Goverment Relationship mantra.
My biggest concern now is, are both BOD’s working for their shareholders best interests, or are they already in arse covering mode?
(20min delay)