Seth, SMM lost due to a cross claim lodged over the original case, by BML from memory a subsidiary company of the BLA ( Bugotu Landowners Association). The BLA initiated 2 cross claims over the original case. BLA’s 1st cross claim was against SMM on grounds of SMM holding more than the prescribed no of 3 tenements. This cross claim saw SMM’s LOI issued to it under the International Tender Process ruled nil and voided. That cross claim action was also vigoursly actioned and argued by AVQ’s claim on same grounds. The BLA’s 2nd cross claim (which was supported and argued by SMM) was against Axiom being granted both a PL and it’s conversion to a ML and the suspicious thing circumstances under which both were granted to Axiom by the then Minister of Mines. By the end of all the appeals processes it was a lose lose situation for both SMM and Axiom.
AVQ Price at posting:
7.4¢ Sentiment: Sell Disclosure: Held
