If the settlement is worded as paying for another companies...

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GARETH78

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22/01/24

16:24

Post #: 72004800
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Originally posted by camban: ↑

Good summary fooca. So many questions and not many clear answers from anybody. Agreed, given everything going on and the revelation on Friday night by Leo, it’s improbable they would try to buy back their shares from FFX, and in any event I don’t know they could “favour” one holder (also the majority holder) over others - i.e. I think Leo would have to offer to buy everyone back on the same terms, if doing this sort of manoeuvre. So that’s not happening.

If I was scriptwriting this as a Machiavellian thriller, I would now have Leo make a demand to recover from FFX the full amount of whatever nonsense “settlement” they are obliged to pay the Mali state crime syndicate, knowing full well FFX cannot pay. I’d then have a GF-friendly private equity firm ride in to buy all of FFX including its 17.6% LLL stake asset for an amount equivalent to whatever debt they need to settle (inclusive of the Leo claim)... “shareholders: it’s this or we tip into receivership”... Leaving FFX shareholders (us) with nothing. By this stage the LLL shares will no doubt be trading at rock bottom prices if it’s out of suspension, thus ensuring the white knight PE firm gets an absolute bargain - including whatever they can get for the 80% of Morila which FFX technically still owns - and we get nothing. I’d let the dust settle for a bit and then have the PE firm sell its 17.6% LLL stake to GF, thus indirectly giving them another ~7% of Goulamina. This would be the sort of sh!t I’d expect from all of these directors.

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If the settlement is worded as paying for another companies misdemeanours then LLL will likely fall into a bit of strife IMO.

Why are they paying it?

Not only will ASIC, ASX and likely ATO have issues, I can imagine a few Class action companies will start sniffing around.

No, the settlement will be for additional farmland, unplanned water usage, DSO licence, blah blah blah IMO.

FFX may do a settlement but will be quite seperate from LLL IMO.

Its why everything is so "Confidential".

The settlement reasons will be "Confidential" for certain so we will never know.

I really cant see an announcement coming out that basically shows the Govt of Mali to be nothing more than blackmailers when it suits. How is that going to be for the SP???

Get a deal done, get trading, wind up FFX and maybe, just maybe everyone can move on with this complete and utter debacle.

Last edited by GARETH78: 22/01/24

FFX Price at posting: 20.0¢ Sentiment: Hold Disclosure: Held
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0 Great analysis

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