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Heeman

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27/02/24

11:46

Post #: 72616777
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Originally posted by red-frog ↑

It seems to me that Min Res paid $100m for Alita with any surplus cash being used to pay out shareholders, meaning MIN will own A40 outright once the company is released from liquidation.

Now that the ATO has decided to gouge some tax from the carcass, there is no money to pay all debts again, so MIN is wanting to pay half the tax bill to get rid of the liquidators. MIN will then officially own Alita, not shareholders. We get nothing and MIN gets to argue whether the tax bill is legitimate and whether they can offset any previous losses to reduce any tax owing.

At least if the liquidators are still in control, we can frustrate MIN for a bit longer, though once this is eventually settled and the liquidators are terminated, MIN owns Alita and we are officially shafted.

I will vote to keep the liquidators in place out of spite, though we may not yet even get a vote.

That's my reading of the situation. I'm still baffled how Alita shareholders are liable for this tax bill when we never received the profit from any production. ATO should be chasing the Chinese who operated our mine without FIRB approval as they should owe any tax imo.

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you're a newcomer to these threads which implies that you are not an A40 shareholder and therefore have your own agenda. Anything you say I would strongly suggest true shareholders check independently.

A40 Price at posting: 8.2¢ Sentiment: None Disclosure: Held
2 Upvote

0 Great analysis

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