Ann: TOV: RRP Realm Resources Limited Declaration and Orders, page-11

I must say that after reading this I have complete faith that the independent directors have been looking after us – such an interesting read.

Few points I enjoyed:

1. On 30 April 2018, Realm held a board meeting. Mr Galt advised the board that he did not “support the tabled resolution to progress the capital raise.” This was because “in his view • the capital raise is not timely and should only be considered when the bid was completed • he will not sign off on $1.00 raising price • the process is going to take less than six weeks when it starts, and • costs associated with proceeding with the capital raising as proposed are unknown.”

Lol why did he think $1 was too low?

Gotta love these words:

“Since completing the acquisition, Realm has introduced a new plan of operations at Foxleigh which has resulted in the mine achieving record levels of production and a significant reduction in unit operating costs. Coupled with improving coal prices this has allowed Realm to generate over $100m in free cash flow from Foxleigh since acquisition.”

Haha how did he think he wasn’t conflicted

[Mr Rosengren] requested a mandate to continue the relisting process as market previously informed as waiting for new Managing Director to start. [Mr Galt] stated that he would not support relisting on ASX as did not believe coal assets were appropriately valued nor was there access to capital, compared to other jurisdictions. [Mr Beecher] requested a sub-committee be formed to progress the capital raise in order to nullify any potential conflict issues. [Messrs Galt and Davies] advised they are not conflicted, [Mr Beecher] disagreed. [Mr Galt] indicated that there was no rush as likely that Proposal would pass some milestones in next 2 weeks and that there would not be a need for relisting. [Mr Davies] advised the meeting on the likely timetable for the bidding process, pointing out that the capital raise was unlikely to occur before August.