JimBob,
News is on the way and it aint good.What I hear is ACMC has not granted permit.And now with an early election on Govt departments will virtually shut down till late Sept.
JimBob,
News is on the way and it aint good.What I hear is ACMC has not granted permit.And now with an early election on Govt departments will virtually shut down till late Sept.
Morning all,
I am very sorry;I used the phrase "not granted" where I should have used the word "delayed".
My apologies to all.
Now I'm beginning to think it's just getting started. If my EW count is correct wave (3) will probably take it to about .64 or even .91 if wave three extends, as I'm led to believe it often does. A five wave target about $1.20 to $1.30 in a few months, I suppose.
Gotta read up a bit more on the fundamentals now. Should be a lower degree corrective wave 2 coming any day, which would be a good cue to get in.
Mindax is still surviving the general market blood bath...
MARKET UPDATE
1. DEMAND FOR BOARD APPOINTMENT BY MR WILLIAM WANG
The Directors of Mindax advise that over the past few weeks at his request, they
have had a number of discussions with Mr William Wang who has sought
appointment to the Mindax Board. Two meetings have been held between Directors
of the Company and Mr Wang who has on each occasion been accompanied by his
lawyer.
Mr Wang has stated that his request for appointment is supported by and is in fact
the initiative of a number of “Asian based investors” in Mindax. Mr Wang asserts that
collectively the investors he represents hold approximately 16% of Mindax.
Mr Wang advises that these investors believe that the current Mindax Board does not
adequately reflect the Company’s Asian based shareholding though Mr Wang has
stated that these investors have full confidence in the existing Board and
management, and support current strategies. Mr Wang stated that although he was
personally only a small MDX shareholder, he was keen to expand his own MDX
shareholding.
(Although Mr Wang is also a Director of Jupiter Mines Limited (“JMS”), he advises
that his request for a Board seat is made independently of JMS.)
The Company has in the past received requests for appointment to the Board and
has given such requests careful consideration. Careful consideration has been
given to Mr Wang’s request, however the Directors of Mindax have concluded
that it is in the interests of all shareholders for Mr Wang’s request to be
declined and he has been advised accordingly.
Mr Wang has previously informed the Board that any decision to decline his
appointment would be unacceptable to him personally and to those investors he
represents, and that they may exercise their rights and call for the convening of a
Special General Meeting to procure his appointment to the Board and possibly to
seek the removal of some current director or directors. The Board will continue to
keep shareholders informed of any developments.
2. INQUIRY BY PORTMAN LIMITED
Following a request by Portman Limited (“PMM”) for a visit to the Company’s Mt
Forrest iron project site, a site visit has been undertaken and completed by PMM
personnel. PMM has now sought and been granted access to technical data.
Sounds strange that Mr Wang says the investors he represents have full confidence in the current board, but he may seem to call a Special General Meeting to try and get himself on the board and possibly seek the removal of one or more directors. I wonder who he may want to remove?
The board seem to have done a good job so far in choosing their board members.
JUPITER MINES LTD
Directors/Officers
Paul Murray
Andrew Bell
Priyank Thapliyal
Alan Topp
William Wang
Patrick Sam Yue
Andrew Zhou
Jupiter Mines Limited (ASX: JMS – “Jupiter”) is pleased to announce that it has
signed a Heads of Agreement (HOA) with global Chinese iron ore and
metallurgical company, the Haoning Group, to enter into a strategic future off-take
agreement.
The Directors of Jupiter Mines Limited (ASX: JMS – “Jupiter”) announce that the Company
has received a proposal from Pallinghurst Resources Australia Limited and Red Rock
Resources PLC seeking to vend certain assets into the Company.
The consideration for this would be an issue of shares which would be likely to lead to a
change in control of the Company. The Board notes that such a proposal would require an
approval of shareholders at a general meeting and prescribed information would need to
be presented to shareholders at that time.
The Board is currently giving the proposal careful consideration and further releases will
be made in due course.
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