How can you have an opinion that Brewer is a straight shooter and then disagree to his claim of re-listing in July? re: "I have met JB in previous meetings, he is a straight shooter imo"
Would a straight shooter 1: Make assertions that they will re-list in July, knowing full well that that is not achievable? Some points as to why it is not achievable (and quite frankly, Brewer would know all this) a) Considering that WFE lodged the Application for In-Principle Advice on the 11th April and withdrew it on the 6th June, a time frame of 9 weeks 2 days - which suggests that when they re-submit the "Application" at a minimum the time frame will be similar. b) The minimum (from memory) of 21 days notice to call an EGM, they have not finalised negotiations of the major changes (the reason they withdrew the In-Principle Advice application) to me that means it will be however long it takes to to get signatures on the dotted lines, re-submit, wait for the ASX approval (9 weeks) plus 21 days for EGM. My guess minimum of 4 months.....
2: Post repeatedly on "Twitter" that there will be an announcement, by the end of the week/next week/tomorrow or whatever he thought at the time shareholders wanted to hear, knowing they would not come to fruition?
3: Answer a question defensively and guardedly without actually answering the question? re: "Is ML still involved - I was with him in China the other week" https://hotcopper.com.au/threads/whate-really-is-goig-on.4802748/page-8?post_id=38996224 That answer is akin to: Are you still involved with your ex business partner - I had a beer with him the other week. That does not for one minute suggest that I am still involved in the business!!!! Whereas if he had simply answered yes, there would be no ambiguity.
4: Hedge his bet on the time frame to re-list? "Basic timeframe to hopefully trading - Juy is when I see it all happening, but of course a few things need to fall in place for that" Exerts from the email as posted by RED328 had reference to the withdrawn application, meaning that it would have been after the announcement on the 6th June - from email: Appreciate your taking time to email me and hopefully we can get this back on track in the next 6-8 weeks "a few things need to fall in place for that" 6 weeks - puts it at the end of July, 8 weeks - is mid August - as I said, hedging his bets!
5: The company announcement suggesting that WFE were going to list on the LSE 1H 2019 was more, umm, pie in the sky rhetorical hogwash, and this is obviously not going to happen this half, and it is a fair way off because to date there still has been no AITL lodged on the LSE main board, no roadshow for investor presentations, no prospectus which are all part of the listing.
6: The missing financial report doesn't seem to be an issue to some shareholders and is flippantly dismissed but considering that WFE have to satisfy the ASX listing rule 11.1.3 to gain admission then under Chapter 4 of the listing rules, Quarterly Disclosure, section 4.7B the entity must give the ASX the completed Appendix 4C immediately the information is available, and in any event within 1 month after the end of each quarter of the financial year. As well as under the Corporations Act, if the company has not made a profit or traded during the financial year, financial reports are still required. @MeToo The company can be auto delisted, but that would be for 12 months of not reporting any financials. Under this ruling, they still have 9 months of non reporting before auto delisting. But, they can be delisted under "Guidance Note 33, section 3.3" the ASX can exercise its power to remove an entity from the offical list for egregious or persistent breaches of their continuous and periodic disclosure obligations under the listing rules, which is referenced in Chapters 3 and 4 of the rules.
All the above doesn't indicate to me that Brewer is a "sharp shooter" maybe a salesman would be a more apt description.
Has the ASX made it difficult for WFE to re-list? or are they just insisting that they follow the correct protocol and listing rules? What ever the reason is, shareholders should be applauding the "extra" (alleged) requirements versus bemoaning the injustice of it all considering if WFE do finally get re-listed you will have the total confidence that everything is all above board and the company is acting in the interests of all their current and potential shareholders.
