Opened with reference to IG appearance. Q are worried about confidetiality as far as IG 's testimony is concerned .Confidentiality belongs to Q not IG and have requested that this is observed. Dont really know what that means.....maybe the court reporters will be ushered out ??
So IG to have his turn
this morning was more of the same as yesterday except the players were Bob Tolliday and John Dunlop Myers questioned them both
Basically the whole questioning revolved around the timing of decisions to
1] sell thru Deloittes
2] cease the attemt to sell thru Deloittes
3]capital raise
4] marketing plan revealed to AGS
5]when AGS realised they were in financial poo
6] start MDC litigation /stop litigation
7]begin this present litigation
has been meetings in melbourne where Neal Blue has been present. Marketing plan was presented to AGS . SJ “marketing plan does not meet ACE marketing needs. Can ACE product be sold now”
Droberts “ sale of small amounts contaminates overall sale”
SJ “will Q consider buying our product?”
Gail Owen “ AGS needs revenue to survive”
tried to question BT on an attachment to an email . BT denied any knowledge of said attachment. Dont know what the attachment or email said . Just afishing exercise I suspect
then John Dunlop's turn
he was cool calculating conceded points that he had to , gave a reasoned answer as to why when how the board came to decisions on the above points
questioned about Gandell Metals Management Services which rents office space to AGS and arranges to share staff and allocations of costs
when decided to sell Itochu were the first in line . They didnt know whether Itochu would exercise their rights or not , they hoped they would, otherwise ags would have a cash flow problem , H/Q were thought of as potential buyers
. It didnt seem as if there were any more suitors , none were named .Lethlean was the main man finding purchasers. “he would be the man to ask”
suggested that uranium sales while ags on the market would decrease the likelihood of a sale
Myers asked JD “are you aware of any sales from Cameco stockpile in 2015.?” ... JD “no” [why this question?]
wouldnt be able to raise capital if 4mile was for sale ,people wouldnt want to contribute if main asset was for sale, so sale pulled
initially proposed to raise15 to 30 million !!
then questioning about Como Engineering who JD had no knowledge …..more fishing
has deloitte sale been terminated ? JD “good question , I dont know””As far as I am aware we have stopped it”
was there anyone on AGS board had experience with uranium marketing JD “not experts at it”
selling on the spot market not best place to sell ...JD “ we need to sell wherever”
Another witness was waiting nervously , I would think the questioning would be of the same substance towards him
going to argue that AGS were in financial straits already, that Q marketing plan was a valid one and that a lot of AGSs woes were of its own making
guess we'll get our turn next week
AGS Price at posting:
8.9¢ Sentiment: None Disclosure: Held
