I have just stumbled into a slightly troubling connection...

I have just stumbled into a slightly troubling connection between a Singaporean company called Reenova and the CFO, Chairman and General manager's of Ionic Rare Earths.

Reenova has been trying to develop an ionic clay based REE project in Madagascar. The company and its project have run into significant difficulties and a judicial manager was appointed months ago on behalf of creditors.

Today, Reenova's judicial managers released an update on their process, the first since August.

Link to Harena Resources PTY Limited Information

Link to Reenova announcement of MoU with Harena Resources PTY Limited

In this update appears as if Reenova has signed an MoU with the managers of Ionic Rare Earths. If the transaction were to complete the individuals below would own the rights to the REE project in Madagascar via a company called Harena Resources.

The names of Harena's shareholders are attached in a document I found on the ASIC database. This company was only formed a few weeks ago.

The individuals who own Harena Resources PTY Limited are:

• Allan Mulligan, the General Manager of the Ionic (Makuutu) resource
• Trevor Benson, the Chairman of Ionic Rare Earths
• Brett Dickson, the CFO of Ionic Rare Earths
• Stephen Lynn, former CEO of Cannon Resources

It would appear to me that this is in direct conflict with their role to serve shareholders at Ionic Rare Earths. Are they permitted to procure and develop a rival concession?