Dear ASX, ASIC,
I point you the the Liquidators report on Alita Resources dated 22nd December 2022 released on the Singapore Stock exchange
Shareholder Announcement Statutory Report 22 December 2023.ashx (sgx.com)
In particular section 3.1 (page3-4) which states
“On 23 May 2019, JBJ notified the Group of a force majeure event and requested delay of any impending shipments in accordance with the JBL Offtake Agreements. We The Liquidators understand the Group:… “
At no time right up to August 2019 when the company was placed in receivership, was this ever mentioned to the market.
But Alita Management did notify Tribeca Investment Partners Pty Ltd (Tribeca) (Alita’s then secured creditor) of the position with JBJ on or around 5 June 2019.
Tribeca was also a substantial holder of Alita Resources
4411s57qn889pz.pdf (asx.com.au)
Not only did Alita Resources Management not disclose this information they released a cleansing statement just 1 week later which specifically said “there is no excluded information within the meaning of sections 708A(7) and 708A(8) of the Corporations Act.
445hsp8j7z8z34.pdf (asx.com.au)
This is a deliberate breach and it makes the cleansing notice defective so it basically invalidates all those shares issued under that cleansing notice.
And that includes the shares issued to Galaxy resources $GXY and shares issued to Weier Antriebe und Energietechnik GmbH and the 5,625,000 shares issued to the lead manager Canaccord Genuity and the ,2500,000 shares issued as Advisor shares.
This, I believe, has huge implications for the disposal of the asset that is currently taking place with the Liquidator and the Supreme Court of Western Australia before Justice Hill.
Jockel $ Anor V Robert Michael Kirman, Robert Conry Brauer and Matthew Wayne Caddy as Joint and several liquidators of Alita Resources Limited (In Liquidation) Per Cor 195 2023
I also point out to you that the Directors of Alita Resources at the time are very much active as directors of other present day ASX listed companies.
E.g Mark Calderwood is presently Managing Director of Midas Minerals ltd MM1:ASX , non-executive director of Eastern Resources Australia and Kairos Minerals.
Why aren’t these directors held to account?