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FFX firefinch limited

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Why do you care if the company is delisted? With your group's...

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WoodySpoon

10,234 Posts.

3092

22/08/23

10:58

Post #: 69473597
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Originally posted by fooca: ↑

There is so much that we don't know:

I will kick off with some of the things that are bothering me!!

Starting with a reply @WoodySpoon from your post
re: Still got over a week of our MD working hard for his $750k a year to get us a result.
No doubt he's in Mali negotiating with the Government, Morilla SA, Creditors, and potential buyer. Right? ......Right?

~ Scott Lowe has never been to Mali and quoting him, didn't intend going there either (source SAG and Lowe meeting*)
~ though he was happy to deflect questions and mention at the AGM he has had years of experience across African countries
~ his CV states he has a strong track record in Africa establishing and maintaining positive relationships with employees and unions, government, community and other external stakeholder that are essential for business success.
~ but he was mutually terminated??? that was after he stated he wanted to see this through *, or was that just director speak to appease? given that it was at the same meeting* the SAG representative gave the concession of not actioning the 249D until after the June 30 update?
~ was his termination a strategic action? remembering he was not mentioned in the 249D other than, the proposed directors wanted the opportunity of working with Lowe to get the best for all shareholders!

Then we have concerns from not only the incumbent Board but also shareholders;
~ that changing the Board now will introduce significant risks including constituting a significant destabilising event at a time of critical importance;
~ have no experience in conducting business in Africa;
~ no continuity

Post the Company announcing the Letter from Mali, that now involves "good faith discussions" with the government.
~ if we have no parent guarantees, why are we actually entering good faith discussion? as we are only shareholders of Morila SA via Morila Limited
~ when did the Company actually receive the Letter from the Mali Government, as per their announcement they stated "recently received" and why wasn't this announced when it was actually received? Continuous disclosure Listing Rules still apply in suspension!
~ was it only announced because of the other social media content?

Who is engaging with the Government as the representative of Firefinch Limited?
What level of destabilising would you put on Lowe leaving during this critical time and/or if Semega is no longer employed by Firefinch.

Of note:
Seydou Semega the Firefinch Limited Malian Country Manager no longer appears on the Firefinch website, was this just an oversight (I mean the current board is good at doing that) or he was mistakenly sent to the junk folder?
Or he is no longer employed by Firefinch Limited and it isn't important enough to be announced?

What doesn't make logical sense!!
The Company have a preferred bidder (purportedly) that has been identified as a West African contractor, not confirmed but assumption is it is Corica, the same contractor that was just appointed a contract at Leo Lithium.
~ something isn't adding up, we have a bidder that wants to take over the operation of the mine and everything that comes with, but yet the Government won't approve a deed of sale until Firefinch resolves issues relating to the Morila Mine
~ see points 7 & 8 --https://hotcopper.com.au/threads/i-have-heard.7398688/?post_id=67946785
Is it just a case of the government having its nose out of joint? or what are the actual issues? and why hasn't it been disclosed?

Opinion:
Is it related to the new mining code and a rehabilitation fund now requiring monies to be paid into an escrowed bank account?
Will this be an announcement prior to the meeting or in tandem with Leo Lithium expected announcement on Wednesday?
Surely the Company should be required to state what the letter from the Government is in relation to? * SAG representative meet with Lowe primarily to deliver documents.

Just an opinionated fun fact: (one for you @abu) I hope there isn't another case of oversight and the Company miss paying their annual fees to the ASX, by my calculations these are due on the 28th August -- coincidence -- shudders at the thought of this Company with the incumbent Board being delisted as we struggle with getting information now whilst they are under the auspices of the ASX.

cheers

Expand

Why do you care if the company is delisted? With your group's stated aim of returning cash and LLL holding to shareholders it is the natural outcome, no?

Therefore the sooner the better for money saving purposes. Being listed or not doesn't change the legal responsibilities of Directors to act in good faith for the benefit of shareholders, But it does save a year's worth of listing fees.

IDK what the current BOD's plan is re a full sale of FFX, but if the buyer doesn't need it listed, ie it it's becoming a wholly owned subsidiary of a parent company, then there is no reason to pay the listing fees given both incumbent BOD and you lot have no need of listing. If they do pay the fees I guess there may be another plan, or no plan as yet. Paying the fees will indicate options are being kept open as to the future of the company I suppose.

Good question on who is engaging with Mali Gov on behalf of FFX....

Last edited by WoodySpoon: 22/08/23

FFX Price at posting: 20.0¢ Sentiment: None Disclosure: Held
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