ausex bod obligations, page-4

Rokchick,

Thanks for the post and comments. As far as I am aware everything regarding the JV is unchanged and should still be operating within that framework. I could well be AZX are trying to shut out GGG where ever they can but again that would be against the legal agreement and unprofessional. Clearly AZX will have the first bite of the cherry when releasing news being 10 hours in front, but omitting reference to the JV and GGG in press releases really is pathetic and smacks of childish behaviour.

Regarding technical changes, I'm unaware of any to either company other than a couple of new appointees in GGG:
24 March 2011
GGG commences establishment of a technical team to develop Bullabulling
a. Technical Sub-Committee of the board appointed - led by Michael Short
b. John Barton and Mark Pitt appointed as engineering consultants

I'm not too sure how much weight we can put on what AZX BoD say regarding the technical team leaving. I try to be impartial with my views as, at the end of the day, its business and I want whats best for my investment and it has nothing to do with nationality. I know GGG the company and have been very impressed with their single mindedness with getting shareholder value, even the MD takes time to speak to lowly PI's like me and I have never seen them do, say or release anything in an unprofessional way. The same can not be said of JL and his team. The technical team at BBing may stay, may go, it will be a minor blip in the grand scheme of things and they will quickly be replaced, if needs be by cheaper crews from China , where Jeff still has contacts from when they managed to prove up a world class copper field.

LSE is closed today so no trading but it looks like AZX are falling back as GGG has recently. I think you are now around the price when the TO was announced and may reflect that people beginning to think the bid will fail? It could be GGG will offer AZX shareholders all the grassroot assets in a revised bid, who knows? I dont think they will offer 8 for 5 as that will be giving AZX the majority of BBling, as you say a cash component may be thrown into the mix.

Of note re AZX $25m fundraising proposal to keep the company rolling, with no discount and at current SP of 63c that would mean issuing another 40million shares and represent a 40% dilution to AZX shareholder.

Temu