Forum members,
I'm posting this copy of an email and attached legal letter with permission, because the matter it relates to is ,in my view, very pertinent to share price activity in our stock. Battle is now being seriously joined with the Board of the company concerned and associated entities. What is of serious concern are the lengths the relevant Board and associated entities have been prepared to go to,in order to prevent the truth being discovered.
As I've said in a previous post, a successful outcome will set a precedent which we here can use to extract similar information from OUR Board.
There had been some really great support from some new people who have been helping me analyse the trading data with AI and also people are giving me support to deal with the defamation threat I received last week. Thankyou! It was obviously bound to happen once I started sharing the trading data and they can now see I mean business and they know what I'm prepared to do - even with the distraction of their continual threats.
For your information here is the latest legal letter we have sent them to deal with their threats which now include reporting me to ASIC, the ACCC and the Australian Communications and Media Authority for just exposing the trading data.
I believe this letter sums up nicely what many other shareholders of other ASX companies would be interested in hearing about..so please if you can, share it on different social media including Hot copper so more people know what I'm doing. Everyone talks about stock prices being suppressed but no-one can ever prove it and here I am trying to prove it. You can give people my email if they want to know more.
Regards
Ben
ACN 632 702 919Level 12, 60 Martin PlaceSydney NSW 2000T: +61 (2) 8076
[email protected] Contact:Amanda Banton02 8076
[email protected] Contact
aul Smith02 8076
[email protected] Ref: 4706The Banton Group Pty Ltd is an incorporated legal practice, and not a partnership.References to ‘partners’ of Banton Group are references to title only.Liability limited by a scheme approved under Professional Standards Legislation.Dear ColleaguesBenjamin John Pauley v Maronan Metals Ltd - NSD 795/20251.
We refer to your letter dated 2 September 2025.2. We note the letter's reliance on ad hominem attacks, describing our client and our firmwith terms such as "poorly informed", "gravely and unacceptably naive", and our client'sassertions as "silly". We do not intend to address these remarks, which are unprofessionaland irrelevant to the substantive issues. We would ask that you refrain from doing so infuture correspondence. We will instead address the core of your legal and commercialarguments.3. Your central proposition is that the conduct of the "after-market" in a company's shares is,as a strictly legal matter, not a concern of a listed company. This is a fundamentalmisstatement of a board's duties and a dangerously simplistic view of corporategovernance.4. While a company does not operate the market, the board has an overarching fiduciaryduty to act in the best interests of the company as a whole. This duty is not discharged byturning a blind eye to trading activity that may be harmful to the company and its members.Your argument suggests a board can lawfully ignore clear indicators of marketmanipulation on the basis that it is solely the province of ASIC and the ASX. This isincorrect.5. A company's ability to raise capital on fair and effective terms is critically dependent on afair and orderly market for its shares. Understanding the composition of the shareholderregister, the nature of trading, and the identity of those shareholders driving volume isessential to:BY EMAIL2 September 2025Atanaskovic HartnellLevel 4, 3 Buckhurst AvenuePoint Piper NSW 2027
Banton GroupAtanaskovic Hartnell2 September 202525.1 Price and allocate placements effectively.5.2 Guard against predatory trading activity intended to depress the share price aheadof a capital raising.5.3 Maintain shareholder confidence, which underpins the company’s value and itsvery ability to fund its operations and future growth.6. To suggest, as you do, that a board has "no specific legal obligations or role" in relation tothese matters ignores that the consequences of an unfair market fall directly on thecompany and its shareholders. A board that fails to understand these dynamics is failingin its duty of care and diligence.7. You state that MMA was at no time obliged to provide the Transaction Report and that itis merely a "derivative of MMA's member register", yet tellingly when providing it youasserted that it was provided pursuant to section 177 of the Corporations Act whichconcerns registers of members. The company's reluctance to provide this data in asearchable, usable format (such as native Excel) speaks volumes. Obfuscating data in anon-standard format is inconsistent with a company committed to transparency. The dataexists, and our client, as a member of the company, is using it to identify patterns ofbehaviour that may be prejudicial to the interests of shareholders.8. Your letter reflects a concerning perspective: that the MMA board believes it has noresponsibility to understand who its shareholders are or what they are doing to the shareprice. This position is untenable commercially and legally.9. The concerns raised by our client are not "speculation and conjecture", but are based onhis analysis of the company's own transaction data, which MMA appears to have decidedit will steadfastly refuse to look into. In our client’s view, they point to coordinated tradingactivity that has allegedly provided exit liquidity for select parties while suppressing theshare price for all other shareholders. This directly impacts MMA's capacity to raise capitalwithout excessive dilution, and should be a matter of interest if not concern to MMA’sboard.10. Instead of threatening to report our client for raising legitimate questions, we suggest theMMA board focus on its own duties and engage substantively with the matters our client has raised.
In my considered view, what is outlined above is EXACTLY what has been -and is-taking place with our company.I urge our Board to take and be aware there are HRZ share holders who would be able and willing to commence similar action.
One trusts that wont be necessary.
db
(20min delay)