Have finally received a reply (two weeks later),
Q: Can you advise when the audited Annual Financial Report for the period ending 31 December 2024 will be released.
A: The Annual Report will be released following the release of the half yearly report
FYI - Reporting obligations for disclosing entities as defined in Section 111AC of the Corporations Act
The half yearly report must be:
- prepared in accordance with Chapter 2M of the Corporations Act;
- subjected to audit or review;
- lodged with ASIC within 75 days of the half-year end.
The Interim Report for the Half Year ended 30 June 2024 was due 13th September 2024, BUT given the Interim and Annual reports for the respective periods 30 June & 31 December 2023 were not released until 29 October 2024 there was absolutely no chance of the 30 June 2024 Report getting released.
The Company has advised the market via emails and the Firefinch Limited web site with 6 announcements since the 2024 reports were released, but made no indication of the progress of the audited accounts and when they will be released. Also taking into consideration the final stumbling block (post the withdrawal of arbitration) for clarity and closure was the Sale of Morila which was completed 31 January 2025, 2 1/2 month later and there is no information on the accounts.
I will admit that given the Company doesn't have to send the 1/2 yearly report to shareholders, I had forgotten about it.
I have sent off a reply to enquire about the status of the 1/2 year report and what is causing the delay.
Firefinch as a Substantial Holder will still hold the Leo Lithium shareswhen the LLL AGM is held, given that I believe that an accretive acquisition will be on the agenda for shareholder approval
Q: Will the board decide on voting at the meeting
Q: Will the board be under any obligation to vote in favour of any / all resolutions
Q: Will the board vote accordingly in the best interests of Firefinch shareholders, given that a majority of long shareholders of both FFX and LLL want the proceeds of Tranche 2 returned
A: The board will decide how to vote based
on the best interests of FFX, and any distributions from FFX will be decided after the ATO tax ruling.
I have included in the follow up email;
~ can the company provide some clarity to voting in the best interest of FFX, I would certainly expect that is to mean "in the best interests of FFX shareholders and not FFX the company!!!"
Q: Has the board discussed delaying the distribution of the Leo Lithium shares until post the return of the Tranche 2 payment (or part thereof) to minimise individuals tax if there is another unfranked dividend component? and then distributing the LLL shares.
Q: Given that both the Interim report for the half year ended 30 June 2024 & the annual report for the year ended 31 December 2024 are both overdue for these to be submitted to ASIC, being 217 days (1/2 yearly) & only 18 days (annual) can the company provide what the current cash balance is at a minimum of 31 December 2024 .. .. ....
Q: Given that after the election of Mitchell to the board of directors, and given that in his letter to shareholders in support of his election that he indicated that he declined the payment of director fees. The board now has (in my opinion) an excess of members and given the current status of the company, has the board made any decisions to reduce the number of directors that are still receiving director fees?
