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I think they also stated there is no requirement to go to...

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robbo24

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06/09/23

07:05

Post #: 69746111
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Originally posted by CarrotGrunt: ↑

Attended today.

Really hard to hear in there as well as work out what was going on.

Below are some notes i took of what i thought was going on, i wouldn't rely too much on them though.

-I think Cannacord is a defendant, Also Austroid, Kordamentha, Lithco and believe also the offtaker.
-All represented by their own lawyers and team
-Defendants seemed to be pushing for a Trial
-It seemed to me that Cannacord was combining with Austroid/Kordamentha not McGrathNicol, but hard to hear so not 100% on that.
-444ga relief not required, buying assets only, think its the Tawana shares
-Justice asked if Austroid have offices in Australia, sighting some Alcoa case that took that into consideration. Also can't bring a case against them if not residing in Australia.
-Kordamentha worried about further liabilities on Alita after implementation agreement,
-Lots brought up about the fact that Alita had not been taken to market to get a fair price, but that point didn't seem to apply to what the actual case was about or at least it had to be worded properly to make it part of the case,
-Lithco and 4th defendant (offtaker) arguing that the injunction is affecting the running of business, couldn't hear the details of the argument. Also talking about or wanting to ensure the confidentiality of affidavits i think.
-If any other parties want to be added they must file this week, i think 1 representative of each party/defendant can have access to the redacted implementation agreement/offer.
-Judge seemed to be concerned or onboard with the fact that the offer details be confidential, standard practice in a commercial setting. So while one representative of each defendant may be able to see the offer they can't use it in competition against Minres.
-Plaintiffs McGrathNicol towards the end stated "if someone wants to make a bid they can make a bid, they don't need to see the current bid". I think they also stated there is no requirement to go to market but they do have a fiduciary duty to shareholders.
-So other parties can put forward other offers.

My impression is that the secrecy is about making it hard for competition to outbid.
Wasn't really any talk that i heard about whether the DOCA should be terminated or not, or very little anyway.

As i said above, these notes are what i thought was going on. But honestly this stuff is well over my head and it was not very easy to hear, so others that were there feel free to correct me.

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I think they also stated there is no requirement to go to market but they do have a fiduciary duty to shareholders. -So other parties can put forward other offers.

This is probably the most important part of the whole darn thing. I was just saying to Heeman an hour or two earlier about the fiduciary duties on liquidators, and what it means in terms of realising the value of the assets.

A40 Price at posting: 8.2¢ Sentiment: Hold Disclosure: Held
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