I have read the expert report and explanatory notes and I strongly object to section 444GA of the Corporations Act being applied to effectively wind up the company to settle creditors claims.
Alita holds a world class operational lithium mine at last report worth in the region of A$200m.
There is some circumstantial evidence to suggest the company was not well managed and further might well have survived had it been recapitalised instead of having relied upon customers and suppliers to provide short term funding cover. Of equal concern is the voluntary administration (VA) process itself.
The end result is that ordinary shareholders are now faced with the compulsory transfer of their shares at zero value in part because the voluntary administration process has not provided shareholders with a reasonable opportunity to bring forward alternative arrangements to facilitate the company's ongoing operations.
As one of many ordinary shareholders I am facing a substantial financial loss over which I have no control. The voluntary administration process has been unreasonable, oppressive and prejudicial as it has effectively excluded shareholders as a whole from participation in the VA process.
In addition, due to the late release of this document, shareholders have been put at a severe disadvantage in terms of not having adequate time to prepare a case to have the s444GA hearing deferred to a later date.
Please present my objection to the Court in order to have the s444GA process delayed or canceled.
Further information can be provided on request.
My Details
xxxx etc
A40 Price at posting:
8.2¢ Sentiment: Hold Disclosure: Held
