ASIC aren't going to do anything about that now. It was the...

ASIC aren't going to do anything about that now.

It was the clearest open and shut case anyone has ever seen.

The major shareholder voted for the CR at the EGM last year. The Board had a vote of 99.96% in favour of the CR.

Not once in the NOM did the Board advise that there could be a risk that the major shareholder may withdraw support for the CR, even if they voted for it!!!

All we got was a long line of excuses for the following months, to allow them time to get a takeover offer together.

ASIC and the Takeovers Panel decided to act when the shoe was on the other foot (in regards to Finders).

Say you are not accepting the offer, and then do is something ASIC and TOV objected to.
Vote for a CR, then do the opposite (via offering a long list of excuses) is apparently ok.

I sent ASIC a 10 page document highlighting the errors and shortcomings of Taurus and Galt, but they never chose to take any action.

I went back as far as the 31/8/16 announcement. Realm basically said the Foxleigh acquisition would have an impact on the financial position of Realm, but could not quantify that as yet. This is covered under the ASX listing Rules "significant changes to the nature or scale of activities".

They couldn't quantify the impact of the acquisition of the company, but didn't think to actually ask the only entity (the ASX) who would decide whether this was a significant change or not!!!!

We did get this statement from Gordon though "The purchase of Foxleigh has resulted in the company having to re-comply with ASX listing rules. This process was not anticipated by your Board based on extensive advice during the purchase process.....".

It seems they asked everyone, except the one entity that actually applied the rules!! What a circus!

That Peter Briggs must be a highly remunerated employee, poor bloke cops it from Gordon in the public domain.

Gets announced as interim MD on 1/9/17.

Gordon tells ASX "Mr Briggs is a Mining Engineer with extensive experience in the coal industry both in Australia and overseas. Peter is very familiar with the Foxleigh mine, having worked as a senior member of the acquisition team in 2016".

Fair enough, that a nice pump up.

40 days, yes a whole 40 days, later we get an announcement saying the directors of the Company believe marketing of the company (for a capital raise) will not be successful until investors know will be running the company.

Poor guy, good enough to be interim MD, but the Board believe he will not be successfully able to market the company for a capital raise, until investors know who the new MD will be, despite Peter being "very familiar with the Foxleigh mine, having worked as a senior member of the acquisition team in 2016".

Must be a good yes man, or highly paid!