Ann: Update on ASX Enquiry, page-13

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Zestfulmocha

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29/11/18

21:42

Post #: 36695703
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Originally posted by Glitterati ↑

Originally posted by Zestfulmocha
Fairly sure it's referring to de-listing HDY.

20th December, back in the bottom draw.
Absolutely it means delisting HDY from the ASX but I personally don't think it will happen.

I read through that letter a couple of times and it seems that the ASX is really gunning for Everblu but we are dragged into this as HDY was seen to be complicit in that it turned a blind eye to what was going on with regards to the benefit gained by those dodgies through the Nelly and Vanadium Mining purchases.

HDY is going to need Everblu's cooperation in providing a proper explanation, and if Everblu doesn't comply, the ASX is saying tough titties to HDY because you wouldn't be in this position if you'd followed procedures.

Depending on what explanation HDY provides, it seems the likely course of action may be to either

A. reverse the purchases of those 2 mines
B. allowing those purchases to remain in place but force HDY to perform the following (which should have been done at the time)
(i) obtaining an independent expert’s report on whether the acquisitions of Nelly Vanadium andVanadium Mining were fair and reasonable to HDY’s shareholders;
(ii) obtaining the approval of HDY’s shareholders to the acquistion of Nelly Vanadium and VanadiumMining pursuant to Listing Rule 10.1.5 and, if that approval is not forthcoming, reversing thosetransactions; and
(iii) obtaining the approval of HDY’s shareholders to the issue of the Consideration Shares and theConsideration Options to the Additional Parties pursuant to Listing Rule 10.11.2 and, if thatapproval is not forthcoming, arranging for the Everblu Associates to account to HDY, in a mannersatisfactory to ASX, for the benefit they received from that issue; and
(iv) Everblu Associates taking appropriate action, to the satisfaction of ASX, to make good anybreaches of the escrow requirements that would have applied pursuant to Listing Rule 10.7; or

Either way, it sounds like it's going to be a long drawn out process before we can begin trading again. We voted these cronies in again resoundingly today???? Jesus, IMO we've got no hope while these guys are at the helm

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Good summary thank you. I don’t know precendent for delisting but I agree, sounds like more of a threat than a realistic course of action at this stage.

I’m still not clear on this all if it’s actually dodgy, incompetent, or unlucky management - admittedly I haven’t bothered trying to follow the rabbit trail in detail.

Lucky those oppies have a long expiry!

HDY Price at posting: 0.4¢ Sentiment: None Disclosure: Held
2 Upvote

0 Great analysis

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Ann: Update on ASX Enquiry, page-13

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