Dear Worzel
I thought I would give yo my 2 bobs as a coorporate lawyer.
The Corporations Act imposes restrictions on related party transactions, the ASX rules do also as does the common law.
Essentially, the legal position is that such a transaction cannot happen unless independent shareholders approve it after full disclosure of all material facts, including independent valuations.
The Board of Lynas will no doubt be securing legal advice about the matter, NC will be and the Board of Forge also.
I am fairly certain that that the legal advice will be referring quite speciifcally to fiduciary duties.
The advice will also be that the Board of Lynas should only support the transaction if they honestly believe that it is in the best interests of the company.
Regards
sell to forge, page-30
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Last
$8.02 |
Change
0.120(1.52%) |
Mkt cap ! $7.496B | |||
| Open | High | Low | Value | Volume |
| $8.00 | $8.09 | $7.91 | $30.69M | 3.836M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 4 | 24797 | $8.01 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $8.03 | 44081 | 6 |
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| Last trade - 16.10pm 07/11/2024 (20 minute delay) ? |
| LYC (ASX) Chart |