Well not much happening but a lot of info being found out..... Such as:
- The funding (1 Million) that took place in late 2019, which the ASX asked numerous times as to what conditions were attached and were told none, had the condition that John Haley be appointed as a Nominee on behalf of the largest Shareholder Tony Feitelson.
- He operated from December 2019 to March or May 2020 as a representative for the largest shareholder (without ASX notification)
- At the same time the largest shareholder made several take over attempts and met with the board, and was given significant inside information by the CEO, the Board and John Haley......... and was working toward securing MRV Metals Pty Ltd which John Haley as a board member was recommending. (without ASX Notification)
- In April 2020 without telling the market the Company had a couple of state demands from creditors to pay, so at that time certain people worked to try to remove the securities off the Assets..... and
- In May John Haley joins the board, in early June John Haley puts the Company into administration and then within days puts a DOCA proposal to the Administrators that he helped appoint, and that Tony Feitelson gave consent to appoint.
- The DOCA proposal was from Feitelson
- Hence if the Takeover panel application did not get lodged, the vote would have approved the DOCA, remember that DOCA. It was for $500,000 and that was recommended by Deloitte to the Creditors as being a good deal.......
- Since then the MRV Metals alone sold for $6,500,000 some 13 times what Deloitte recommended.
- Money was due back from DES FA bond and AAT returns were due back if the company had of waited. So all in all, it was Deloitte that recommended $500,000 to creditors when there was over $10,000,000 or more in returns or asset value..................
Hence, the more people make ASIC aware of this the better but we will see what transpires, as I know a lot of info was sent to them recently about the related party transactions naming Board Members and others............
Oh and I note AusTin states they have a binding deal to by MacKenzie for script. Guess who sits on the AusTin Management team.....
ASIC have a flood of info so if anything is ever going to happen, it will be soon................................
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