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13/07/16
10:41
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Originally posted by Singa71
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RULES ARE RULES – if you have too many waivers from complying why bother having the rules just chaos and everyone does anything they like. These listing rules are there to protect all shareholders – big and small.
I encourage every holder to Register a complaint with the ASX. Its a very simple process, still plenty of time. Every holder has a right to vote and a say. The company is clearly worried about holders and every holder owns this company so we ALL should be able to VOTE . Do this and we can get a fairer deal regarding options. Why should we all suffer from the underperformance. The consequences for not doing this could have very damaging effects to your overall investment later on. Well that's my take on this. Always please DYOR.
Just go to ASX and download PDF from ASX regarding listing rule 10.1 that Empire referred to in regards of the waiver in relation to the requirement for shareholder approval for the working capital facility and issue of EGO options to Mineral Resources.
You will note the header is aqcuisition and disposal of assets - this is a deemed disposal as the substantial assets of EGO are being given as security for the working capital facility – therefore it is a deemed disposal in that regard (Options are being issued pursuant to the working capital facility). Because if the company defaults then MIN effectively gets the assets.. (remember ERM transaction well that fell under 10.1.1 because ERM was a related party of the entity by virtue of Tony Iannello being on the board amongst other things and hence shareholder approval was needed and if that wasn’t the case, then ERM would have just fallen foul of 10.1.3 because they were just over the 10% - so shareholder approval was required.
Now if MIN had of appointed someone to the board, then 10.1.1 would be the case – related party. However, as they have not yet, then 10.1.3 is the case – as the operative words or “at any time” in the last six months had at least 10% which of course MIN fall under as they have more than 10% and were a shareholder with more than 10% at any time in the previous 6 months prior to the facilty being entered into… even if it was for a few days…. Still counts.
Obviously the security is a substantial asset which is covered in 10.2
Issue of Options is covered by 10.1 and 10.4, 10.5 and 10.6 and is approval is required by virtue of the same reasons above in regards of having a greater than 10% interest at any time in the last six months.
MIN will not walk away from this deal as much bigger things are in play, we all just need a serious price for another 5% of our company. Don't just except our boards performance and position we find ourselves in. Be proactive not reactive after the event. Seriously please consider what I am saying. GLTA.
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Hi Singa - I am with you let us shareholders decide, Empire should gives us the information and we decide - that's what they did for the ERM stuff so why not the same now.... where do we send our complaint to ASX.... do you have an address or something...and do we just say we want them to reject Empires wanting a waiver for this transaction and we want to give shareholders the right to vote to decide. I think the previous bunch did too much without getting shareholders to vote, I thought this new bunch offered us transparency as well as unlocking shareholder value, so why not let us vote, if Empire have a good reason for this waiver then Empire should tell us why they want this waiver.....oh dear, that would mean communicating with us....