similarly not sure what outcome some people would want for a...

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intelseb

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16/05/24

12:11

Post #: 73855264
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Originally posted by fooca: ↑

The Company's Constitution
11.6 Inspection of Records;

(a) Subject to the Corporations Act, the directors may determine whether and to what extent, and at what time and place and under what conditions, the minute books, accounting records and other documents of the Company or any of them will be open to inspection of members other than directors.
(b) A member other than a director does not have the riight to inspect any books, records or documents of the Company except as provided by law or authorised by the directors.

Falling that: Section 247(a) apply to the Court to make an order for inspection of records.

I will make the assumption that a thorough audit of books is what you would be seeking?

Forensic Account:
~ $10,000 retainer
~ $500 an hour

Retainer fee is a calculation of hourly rate x expected duration (hours worked), collectively the "quotes" of 3 contacts I got were the same.
Retainer fee goes into seperate account and is used for expenses not hourly rate payments, but you can agree to allow the accountant to access funds for hourly payments at intervals (this was how it was explained to me) if the work is getting close to being finalised.

All 3 suggested that 20 hours would be more like a minimum, given that the accounts would need to go back pre Morila acquisition and availability of Morila SA records.

I made these enquiries some time ago, and at that time I didn't think it would be worthwhile given the possible (if any) outcome.

Most shareholders would like answers to what happened, forensic accountancy over the financial records won't provide the closure you are seeking, in my opinion.

cheers

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similarly not sure what outcome some people would want for a class action unless something can be extracted from directors insurance

FFX Price at posting: 20.0¢ Sentiment: None Disclosure: Held
1 Upvote

0 Great analysis

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similarly not sure what outcome some people would want for a...

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