I posted this in one of the threads, but in order not to be lost in the details, I think it justify for a separate thread. ------------------------------ I intend to lead an effort with the key objective of “Saving our investment”. Do note that I will be very focused on action towards this key objective and will NOT want to mix with other objectives to seek justice, punishment or compensation etc. I will leave it in the good hands of other people who are actively driving those efforts.
To save our investment, I believe this is what we need to do
1.Appoint & work with an Australian lawyer to enter an appearance (by 29 Jan 2020) with the Australian court to oppose the S444GA application to transfer our shares to Liatam Mining. Objective – delay the transfer of our shares for another 3-6 months so that we can work on recapitalise Alita.
2.Recapitalisation exercise through rights issue and placement, ONLY IF we can achieve (1). Objective – we need to raise enough money to pays off the secured and unsecured creditors, plus some small working capital.
3.Have a high-level Plan on how Alita can continue to operate and recover in the future when the lithium sector/pricing recovers. I believe this high-level plan is necessary for existing & new investors to have enough confidence to support the capital raising. We need someone with the right credentials/knowledge/experience to lead and provide this plan.
Immediate/Urgent tasks will be (1) above.
A.Finalise the most suitable Australian law firm and estimated cost to achieve (1).I could be wrong, I believe the “no win, no fee” lawyers might only be keen to seek compensation and get paid from there. They are unlikely to be interested to save the company/our investment. Hence, we might need a suitable law firm that gets paid for the work involved in (1).
B.Cost sharing from shareholders – the cost required from each shareholder will depends on how many shareholders is willing to support this effort and the estimated cost from (A). I was told earlier that the cost incurred will be charged proportionally according to the shareholdings. We probably can discuss with the lawyers if we want a fix amount per person. I have already about 15 people on board (from Singapore and Australia combined).
C.I need an Australian shareholder who would work closely together with me on this, as I am Singapore-based.Hence, if you believe in this course of actions and is willing to contribute to the legal fund (which would be in the form of trust account held by the law firm, not me), please contact me. [email protected]
A40 Price at posting:
8.2¢ Sentiment: None Disclosure: Held
