88E 0.00% 0.5¢ 88 energy limited

Doc, Yeah, probably best not to hold your breath on this one. At...

  1. 3,839 Posts.
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    Doc,

    Yeah, probably best not to hold your breath on this one. At a guess.

    ASX Listing Rule 10.1

    Approval required for certain acquisitions or disposals
    10.1 An entity (or, in the case of a trust, the +responsible entity of the trust) must ensure that neither
    the entity, nor any of its +child entities, +acquires or agrees to +acquire a substantial asset
    from, or +disposes of or +agrees to dispose of a substantial asset to, any of the following +persons without the approval of the holders of the entity’s +ordinary securities.
    10.1.1 A +related party of the entity.
    10.1.2 A +child entity of the entity.
    10.1.3 A +person who is, or was at any time in the 6 months before the transaction or
    agreement, a +substantial (10%+) holder in the entity.
    10.1.4 An +associate of a +person referred to in rules 10.1.1 to 10.1.3.
    10.1.5 A +person whose relationship to the entity or a +person referred to in rules 10.1.1 to
    10.1.4 is such that, in ASX’s opinion, the transaction should be approved by
    +security holders.
    The notice of meeting to obtain approval must comply with rule 10.5.

    Seems to me to open and transparent and no rules broken. More here on this particular rule,

    Chapter10.pdf
    The reference to Chapter 2E of the Corporation's Act, can be read here, from the link dot points 207-230 apply.

    http://www5.austlii.edu.au/au/legis/cth/consol_act/ca2001172/

    Of must interest to my untrained legal eye was Section 2E.2 Related Parties and Financial Benefits

    And it's clear here that Mr Wall is receiving no advantage over other holders. As stated in their announcement.

    I don't like the deal, but my thoughts are mostly around the financial and operational components of having "more" to deal with, when we are struggling to deal with what we have already. If the rules allow Dave to backdoor his XCD holding into 88e, good luck to him, I'm sure given the chance we would all do it. I think there is a smell to it but, rules is rule.


    The ASX/ASIC Rules were probably draughted up by Corporate Lawyers and then written in such a way so as to legally provide benefit to those within the Corporate system.

    Best I push my kids in this direction, to provide for me in my dotage.

    Just my thoughts.

    Cheers
 
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