Proponent means a party who puts forward a legal instrument for consideration or acceptance.
Seems the creditors agreed at the 6th of April meeting to go for whatever the
Proponent suggested. It was drawn up and signed within the 15 days of that meeting
but the proponent did not sign and could not be contacted and in time the deed lapsed.
‘We wish to advise creditors that the Proponent is yet to sign the Deed and that, to that effect, in
the weeks following our execution of the Deed we took steps to determine the Proponents’
intentions in respect of signing their proposed Deed.
Despite numerous attempts to contact the Proponent following our signing of the Deed on 2 May
2017, on 30 May 2017 we formally wrote to the Proponent to advise them that two of the conditions
precedent in the Deed had now not been met and that, unless we received a response by Friday
2 June 2017, we are left with no option other than to convene a meeting of creditors in accordance
with the Deed for the purpose of passing a resolution to terminate the Deed and consider the best
way forward for the Company’.
I dont profess to know a single thing about law but my interpretation of these 2
paragraphs tells me that somebody proposed to sign a deed for “something” and then
decided not to sign. My thinking would be; ‘ well if they’ll go for that deed, I might
just lay low and see if they get more desperate and I might pick “it” up for a song'.
My question would be along the lines of what would a deed be proposing.
Is it possible the mine equipment is being sold?
What about the Mining machinery?
Are the the mineral assets able to be sold, if so where is Sorby in the equation, being
part owned by a Chinese smelter Co?
Is it all being sold at once?
Am I off on the wrong track completely. Hoping to clarify, sorry if it doesn't.
I reckon J.W.Pepper is closest to the pin.
KBL Price at posting:
0.1¢ Sentiment: None Disclosure: Held
