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Crom Valen

44,246 Posts.

2012

04/01/19

11:29

Post #: 37022685
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Originally posted by Farmdownsouth ↑

@Sarg I would have thought obligation to shareholders is equally important as those with JV partners!

In relation to the T1 PFS (which is material to the PEX share price) there have clearly been developments yet there is no disclosure.

The ASX's listing rule 3.1 states - "Once an entity is or becomes aware of any information concerning it that a reasonable person wouldexpect to have a material effect on the price or value of the entity’s securities, the entity must immediatelytell ASX that information."

Furthermore;

Compliance with Listing Rule 3.1 is critical to the integrity and efficiency of the ASX market and other markets thattrade in ASX quoted securities or derivatives of those securities. Reflecting this, Parliament has given the rulestatutory force in section 674 of the Corporations Act.If a listed entity breaches Listing Rule 3.1, it may also breach section 674(2). This is a both criminal offence and afinancial services civil penalty provision, punishable in the former case by a fine of up to $110,000 and in thelatter case by a civil penalty of up to $1,000,000. Alternatively, if ASIC has reasonable grounds to suspect abreach it may, by administrative action, issue an infringement notice imposing a penalty of up to $100,000. Theentity may also be liable to pay damages to any person who suffers loss or damage as a result of the breach.An officer who is involved in such a breach may infringe section 674(2A) of the Corporations Act. This is a civilpenalty provision punishable by a penalty of up to $200,000. The officer may also be liable to pay damages toanyone who suffers loss or damage as a result of the breach, although there is a due diligence defence insection 674(2B), which protects officers of a listed entity from civil penalties and civil claims for damages if theycan prove that they took all steps that were reasonable in the circumstances to ensure that the entity compliedwith its continuous disclosure obligations and, after doing so, believed on reasonable grounds that the entity wascomplying with those obligations.

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Some very good points you make.

Additionally, if the JV partner is causing issues that are preventing the release of the PFS (presuming that a PFS exists) then the 'careful people' at PEX have had ample opportunity to note this, learn the lesson, and moderate their message accordingly. And have they? No!
Time after time they have advised that they will deliver a PFS by such and such a date, only to fail utterly to do so.

PEX Price at posting: 44.0¢ Sentiment: Hold Disclosure: Held
3 Upvote

0 Great analysis

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