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Two Sides of the Coin, page-25

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readyaimfire

11,366 Posts.

1509

07/11/19

11:04

Post #: 41293516
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Originally posted by StephenGay ↑

In earlier news releases SPX said it would lodge a counter-claim, but after receiving VMC evidence, SPX changed position directly stated it would not lodge a counter-claim (although I presume if VMC loses it may have to pay SPX legal fees).

I agree that the issues may be more complex than reported, however if you look at evidence provided, VMC is more focused on the individuals involved rather than SPX; so there is nothing for SPX to counter-claim.

Clearly there are more interpretations, however I certainly reject the grandiose outcomes being discussed here. In the first instance it will be identified whether the named individuals breached confidentiality. If so was SPX a recipient of that confidential information? Only once this is established, will VMC continue with a claim against SPX. However it likely that if the courts find that SPX did receive confidential information, there will be a better basis for coming to a negotiated settlement.

As far as I can tell VMC's strategy is quite reasonable, and they are limiting the possibility of a counter-claim.

I find it incredible that some SPX shareholders are saying VMC should have acted earlier, and simultaneously threatening counter-claims. Instead VMC has time on its side, and is making sure it effectively takes action one step at a time ensuing counter-claims are minimised.

In contrast SPX appears to only be starting to work out a strategy mid-November.

SPX is disadvantaged by earlier comments ' the claims are without merit' without waiting for the evidence; and may well be locked in to a total denial strategy forcing the courts to do all their thinking for them.

At this stage SPX has not provided one iota of useful information. My interpretation that if VMC's claims were without merit as originally stated by SPX, SPX would have provided more information.

The fact that SPX share price has halved and the recent reports still effectively deny the existence of legal action supports my view (that SPX is burying its head in the sand).

SPX shareholders here who are equally going through a denial process, are there own worst enemies; and any amount of abuse by them is not going to help.

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Yes SPX claim that nothing material has happened after balance date is absurd.

SPX directors ego's may prevent SPX shareholders from coming out of this travesty as well as might otherwise be possible. They should all resign and let an independent board take over running SPX.

SPX Price at posting: 6.2¢ Sentiment: None Disclosure: Held
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Two Sides of the Coin, page-25

BCI reaches close of funding facility for salt-first part of Mardie project

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Two Sides of the Coin, page-25

Top Stories

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Buxton projects new graphite province discovery at WA Narryer play

White Cliff jumps 24% on 'bonanza grade' copper rock chips at Rae project, Canada

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Coda Minerals (ASX:COD) enters rights issue to further exploration in South Australia

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Buyers (Bids)

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