Hi Metoo
As always there is more to it.
This is from the independent berried right back on page 136 of the Prospectus Aug 10 that attracted
the stop order.
The Company has written back the initial amounts claimed by Peter Landau and his associated companies and these are now disclosed as contingent liabilities. The Company would negotiate to extinguish any debts payable to Peter Landau and his associated companies by way of the issue of new shares in Black Mountain in the event a claim was made at a later stage.
From the new Prospectus
Peter Landau and companies associated with him (Doull Holdings Pty Limited and Okap Ventures Pty Ltd) previously claimed to be owed $1,235,895 by the Company.
The Company would pay Okap Ventures Pty Limited a monthly fee of A$25,000, with additional costs payable for specific transactions such as mergers and acquisitions, placements, and other activities carried out by them.
As at 31 December 2015, the Company’s accounts showed A$895,835 as being outstanding to Okap Ventures Pty Limited under the terms of the Services Agreement
The Company disputes this liability, as the Company considers that the services were not properly provided to the Company, that some of the services were not provided at all, and that Okap Ventures Pty Ltd was not in a position to provide some of the services at the relevant times.
And here is why!!!!!!!!!
The Company believes that if the interim asset preservation orders against Peter Landau and his associated entities are lifted or withdrawn, then as a result of the terms of the letter agreement, Peter Landau and his associated entities will not be able to claim any of the A$1,235,835 previously recorded in the Company’s accounts as being due to Peter Landau and his associated entities Doull Holdings Pty Limited and Okap Ventures Pty Limited.
Note how they said they could pay him in shares at a later date in Aug 10 Prospectus.
However, the Company understands that if the interim asset preservation orders are not lifted or withdrawn, (Which is highly unlikely to be lifted given the charges)
and a trustee in bankruptcy is appointed in respect of Peter Landau or either Okap Ventures Pty Ltd or Doull Holdings Pty Ltd are placed into administration or liquidation, such a trustee in bankruptcy, administrator or liquidator could make a claim against the Company for these amounts. For this reason, the Company considers that the amount of A$1,235,835 should be treated as a contingent liability.
So they went from "peter said not to worry but we might pay him in shares later"
To dispute because it would seem that Okap and Doull are about to have administrators appointed for his frozen assets!!
Noting that a director of Okap last year was one Jason Brewer!! (See BMZ's half year)
Can you really dispute your own services.
(As at 31 December 2015, the Company’s accounts showed A$895,835 as being outstanding to Okap Ventures Pty Limited under the terms of the Services Agreement)
Court date for IGS
1. Leave be granted to the parties to inspect and copy in the Registry, the documents produced in accordance with the Subpoena for Production addressed to ICBC Capital Pty Ltd.
2. Leave be also granted to the solicitors for the parties to uplift the documents, for the purposes of inspection and copying, on the following conditions:
(i) The documents not leave the custody of the solicitor, or counsel instructed by the solicitor.
(ii) The documents be returned to the Registry in the same condition, order and packaging as when uplifted.
(iii) The documents be returned promptly and, in any event, when an officer of the Registry requests.
3. The Plaintiff notify the Defendant of this order.
4. The Subpoena for Production addressed to International Goldfields Ltd be stood over to 6 October 2016 at 3.30 pm. (Money found transfered from CTR to IGS around the same time Brewer was appointed to this board.)
Date that entry is stamped: 23 September 2016
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