Could not agree more. its ok to be a bit in the dark , but not...

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Nugget49

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03/11/23

14:07

Post #: 70713704
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Originally posted by MM0: ↑

Exactly, distinct companies with intertwined history, and overlapping personnel and ownership.
Borg as longstanding (now former) Director of FFX also a Director of LLL
Semega as longstanding (now former) Country Manager of FFX, now Country Manager and GM of LLL
From a Mali perspective the actual entities they're directly engaging with are FFX's subsidiary (via intermediary) Morila SA, and LLL's partially owned subsidiary (via intermediary) Lithium du Mali SA (LMSA). Semega still appears to be the Chair (possibly only Board Member?) of Morila SA as well as the GM/CEO of LMSA.
Ownership of LLL at IPO was 20% by FFX, 70.5% existing FFX shareholders under the automatic distribution, up to 9.5% existing FFX shareholders under the pro rata offer, with any shortfall of that 9.5% taken up by a mix of existing FFX shareholders and institutional investors. Now FFX sold off 2.4% of LLL to an unknown party, and there would have been some trading to new investors. But it feels reasonable speculation to suggest that FFX shareholders probably still hold a majority of LLL (though not a majority of LMSA which is really the entity in question here).

Accepting the terms of negotiations cannot be published at this stage, it baffles me that there isn't an obligation to disclose the nature of the discussions.

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Could not agree more. its ok to be a bit in the dark , but not have all the lights turn off to shareholders.
l see no harm in a brief statement as to the aspect of the problem . i understand why negotiations and details are best kept quiet , but we all seem to be guessing as to the problem .
It started with just a letter from Mali Govt , with some suggestions of DSO. Not heard much since.
We have been mostly off the ASX for about 3 months with hardly a word for the owners on the company - THE SHAREHOLDERS.
We have no idea if we will have 35% of the project or not , and any real indication as to when all this might settle.

Anyway Xmas is coming
LLL Price at posting: 50.5¢ Sentiment: Buy Disclosure: Held
11 Upvote

0 Great analysis

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