David holland
Regular
Are we going to be trading on friday
AVZ Discussion 2022
- Thread starter GazDix
- Start date
I think the longer this goes on the more foolish zigin is looking. They are really scraping the bottom of the barrel with the crap that is coming out. I think the 3 judges would be looking at this as it is making their job easier.Confucius said: “keep thowing mud and sooner or later some/ most will stick”.
Nigel, AVZ & silent BOD, isn’t it time to stand up?
DRC government, plus Felix?, isn’t it time to stand up? Or are you undermining your elected President?
China, Z, isn’t it time to stand down? Or are you hell bent on destroying Australia/ AVZ?
CAT, isn’t it timer to disown your counterpart & Z or move away from AVZ All together ?
Biden, USA, Europe - are you just going to keep zippedon the sidelines while professing to be in the need to get into the Li battery supply chain?
Ditto Tesla, Bosch, LG etc ffs, opportunity of a lifetime and all you giant non-Chinese players remain SILENT!
you guys are not dills, we must be though, maybe
. This will go off South or North at a rapid rate of Knots imo
Confucius says "that those who open their mouth prove they are foolish and those who keep their mouth shut can only be thought of as foolish."
You are forgetting the AGM in November . If this shit ain't sorted it's going to be a very interesting AGM . I'd even pay an entrance fee to attend .You will be fine, next years dry July may come before it's all sorted, so no need to worry at all, just consider this years dry July a practice run for next years imminent mining licence. Oh and yes next July the mine completion date will still be the end of 2023, dont expect an update on that either
obe wan
Regular
anyone read this one? ; fucking hilarious
Les raisons de la cession des actions de la COMINIERE - Ouragan.cd
<em data-rich-text-format-boundary="true">Le 17 octobre 2016, la COMINIERE et DATHOMIR Sarl avaient conclu un accord de joint-venture pour l’exploitation du permis 12202. Ce permis d’exploitation était devenu un permis de recherche 13359. Et, ce après la réalisation du contrat avec MMCS et la...
ouragan.cd
Les raisons de la cession des actions de la COMINIERE - Ouragan.cd
<em data-rich-text-format-boundary="true">Le 17 octobre 2016, la COMINIERE et DATHOMIR Sarl avaient conclu un accord de joint-venture pour l’exploitation du permis 12202. Ce permis d’exploitation était devenu un permis de recherche 13359. Et, ce après la réalisation du contrat avec MMCS et la...
The reasons for the sale of the shares of the COMINIERE
On October 17, 2016, COMINIERE and DATHOMIR Sarl had entered into a joint venture agreement for the operation of permit 12202. This operating permit had become a 13359 research permit. And this after the completion of the contract with MMCS and the forfeiture of this operating permit. PE 12202 was thus divided into two RPs, including 13689 for discharges and 13359 for the mine. The contract was amended in December 2016.
By Gaby Kuba Bekanga
Published on January 6, 2022 at 15:05:28
Genesis of the file
COMINIERE AND DATHOMIR have created DATHCOM MINING SA in which each holds 30% and 70% of the shares respectively. In January 2017, the two shareholders decided to sell PR 13359 to DATHCOM SA for operation. On November 20, 2017, COMINIERE, DATHOMIR and AVZ MINERALS signed an agreement under which AVZ MINING acquired 60% of DATHOMIR SARL's shares in DATHCOM MINING SA. AVZ paid $500,000 for this transaction. After this agreement, the share capital of DATHCOM SA was as follows: COMINIERE 25%, AVZ MINERALS 65% and DATHOMIR 10%. The COMINIERE then sold 5% to AVZ to stay with 25%.Read also:
Calls for tenders for the 16 oil and gas blocks: Budimbu calls on diplomats to interest businessmen in their countries
Five years after the creation of the joint venture, no significant activity on the site. The project remained in a research phase. This is how the COMINIERE was contacted by the Chinese ZIJIN. The latter was looking at the Manono-Kitotolo project, which COMINIERE relied heavily on thanks to a world-class lithium deposit. But, compliance with the clauses by shareholders posed a problem. AVZ obstructed the development of the project with opacity in fundraising operations.
It should be noted that AVZ is a company listed on the Melbourne Stock Exchange. She raised funds in Australia without the knowledge of the COMINIERE. The amount obtained by AVZ and its use did not allow the COMINIERE to verify or understand the assignment. Everything remained mysterious and enigmatic. Nothing has been approved by the board of directors regarding loans and advances made by a shareholder.
Questions that annoy
The construction project of the Manono camp for workers was overbilled at US$2,000,000, although it does not represent this amount. The subcontracts of US$500,000 were signed without the approval of the partners, a cavalier management in the absence of the COMINIERE agents.In addition, once the feasibility study was ready, the COMINIERE had to give its favorable opinion for formalities at the Mining Cadastre in order to transform PR 13359 into an EP. In addition, the feasibility study sent to the COMINIERE contains an assertion that makes it inadmissible. In this study, AVZ claims to have recovered the Mpiana Mwanga hydroelectric plant, while it is a heritage of the Congolese state via the COMINIERE. AVZ has signed a memorandum of understanding with the Ministry of Energy for the rehabilitation of the said plant by zapping the owner COMINIERE. Such cheating exposes AVZ to legal proceedings. The COMINIERE requested advances on the dividends but never obtained them.
According to stock market requirements, each phase of the project must be published with the opinion of shareholders. This is what AVZ has never done with PR 13359. The COMINIERE only obtains information about it on social networks. AVZ completely ignores its partner. Are we in a conquered state or facing a raid?
Indeed, the transfer of AVZ's shares to a Chinese group without the approval of the partners is only the confiscation of property belonging to others. The COMINIERE is also shocked to learn that AVZ presented itself without its knowledge as President of the Republic, when it is supposed to defend the interests of the State. Did the Presidency buried its secular arm, the COMINIERE by dealing directly with AVZ?
Justification for the sale of 15% of the shares of COMINIERE, another episode of the film
On June 14 of this year, the Chinese ZIJIN MINING GROUPE COMPANY Limited approached COMINIERE to acquire part of its shares in DATHCOM SA. The Chinese operator proposed a "reasonable price" and another partnership for the development of the deposits included in PE 12453 and 13247. The minutes of the meeting mention that the COMINIERE sold 15% of its shares in DATHCOM and not 20% initially requested by ZIJIN. The 15% is equivalent to US$33.440,000. On July 21, 2021, AVZ informed other shareholders including AVZ of its willingness to sell its shares to allow them to exercise their right of pre-emption.Contestation
AVZ refuted the COMINIERE's approach. By its correspondence CL/098/MMA/08/2021, AVZ accuses the COMINIERE of violating the company's agreements and statutes. He expressed his intention to exercise the right of pre-emption. For the shares offered for sale, he offered USD 1,000,000 per %, or $15,000,000 less than ZIJIN. In the meantime, the RP has not yet been transformed into an EP. In the event of transformation, the State could hold 10% of the share capital in DATHCOM SA.Demonstration of the legality of the assignment
The session of the shares is governed by Article 9 of the joint venture contract between COMINIERE and AVZ. This article provides for a free assignment and an assignment to third parties. The first assignment states that: "Any party may freely assign, one, several or all to the other party or to an affiliate, it being understood that, for the affiliates, the shares will be returned to the transferor if the transferee ceases to be an affiliate. The deed of assignment must provide for this retrocession". The second assignment states: "The parties agree that the shares cannot be transferred to third parties between the period between the effective date (included) and the completion of a preliminary feasibility study. Following the expiry of the freeze period, in the event of a transfer of the shares by a shareholder to a third party, the transferor shall grant the other partners the right of pre-emption described in this article."Read also:
Julien Paluku: "The DRC is the best investment destination today"
The COMINIERE was to notify AVZ of the number of shares for sale, the identity of the buyer and the agreed price. Each partner has 40 days to exercise his right of pre-emption. AVZ therefore has the option to block the transaction. He could decide alone in the board of directors because, the COMINIERE, because of the conflict of interest, cannot participate. She becomes a judge and party. AVZ's offer being lower than ZIJIN, it cannot block otherwise, it abuses its majority. In addition, another shareholder, DATHOMIR, did not object to this transaction.
The refusal by the president to convene the meeting of the board of directors to take note of the operation is an act of abuse of majority. This act gives the COMINIERE the opportunity to go to court because of the damage suffered if the operation is aborted.
Charge against charge, piece against document
AVZ has already sent a letter to ZIJIN with threat. However, the COMINIERE protests against this attitude and plans to seize any likely buyer of AVZ's shares. Reason? Non-compliance with the statutory provisions on the right of pre-emption.
While since September 1, 2021, the Minister of the Portfolio has accepted the sale of the 15% of COMINIERE in DATHCOM. Minister Adèle Kayinda's correspondence supports the transfer. The government approved the decision of the COMINIERE General Assembly. The approach seems irreversible. AVZ intends to go to court to challenge the transaction. He claims that he was not contacted, although correspondence was sent to him regarding ZIJIN's offer and the convening of DATHCOM's general assembly. Fake runaway? Liar poker?
The COMINIERE recently learned with amazement that AVZ International PTY Ltd has concluded a transaction implementation agreement (TIA) with the Chinese SUZHOU CATH ENERGY TECHNOLOGIES. The COMINIERE will soon go to court against this illegal session.
Unlike AVZ's illegal transactions, the COMINIERE followed the procedure. It respected the right of pre-emption of all shareholders. She waited for the statutory deadline of 40 calendar days. It applied Article 17 of the Law laying down general provisions on the disengagement of the State from Portfolio companies. This law strongly recommends the best offer from all candidates. On this point, there is therefore no match between AVZ and ZIJIN.
ECONOMYMaluku SEZ: Julien Paluku satisfied with the progress of the work
ECONOMYHaut-Katanga: two pipe manufacturing plants inaugurated by Julien Paluku
Our tags
POLICYCENIEXPO DUBAIWOMANELECTIONWARWell let's not jump to conclusions at this stage . Some I have noticed have started to lose their nerve .Jumping at shadows with their minds playing tricks .
TDITD
Top 20
Are NF and the board negotiating with Zijin before the ICC arbitrary arbitration ?
A taxi-driver from Hong Kong was told by an Uber drivers brother who was in Starbucks and overhead someone say that Zijin have made an offer of $1.65, apparently AVZ will not even entertain anything under $2 USD.
Zijin who are tightwads could easily pay this but want to maintain their hard fought reputation of fu*kwits of the highest caliber, this may go down to the wire.
Obviously bollocks, apart from the Zijin bit, they really are fuckwits
A taxi-driver from Hong Kong was told by an Uber drivers brother who was in Starbucks and overhead someone say that Zijin have made an offer of $1.65, apparently AVZ will not even entertain anything under $2 USD.
Zijin who are tightwads could easily pay this but want to maintain their hard fought reputation of fu*kwits of the highest caliber, this may go down to the wire.
Obviously bollocks, apart from the Zijin bit, they really are fuckwits
Mr Inappropriate
Regular
So let’s say that CATH are playing a long and disingenuous game. Let’s say at the final hour they choose not to pay the $240m in the hope that it all turns to shit for AVZ and they can come in and Hoover up the dregs.
From memory one of the conditions of the ML was financial viability. If CATH did not settle the $240m, would it affect the financial viability assessment and therefore the final ML grant?
I certainly feel it as I have a lot of money (for me) tied up in this shit show but lets try to keep calm and let nigel and team work through it. they're our leaders and our outcomes depend on them. their payouts and reputations depend on doing the right thing and I'd argue they have more on the line than many of us although it may not feel like it at the moment.My mindset is AVZ NFI what they are doing or planning. Incompetent? Perhaps buy some IXR to deaden the loss?
Nigel, SPEAK, now, with your 50m free shares. WTF is going on with your Chinese and DRC mates. What?
Happpy now to just get back $1-1.50 from this shit show of lies, and deceit. No ASX disclosure FFSgo figure. Some heads may wel roll b4 this is over?
TDITD
Top 20
IMO nope, the improved BFS still needs to come out and will be incredible. We got DFIs after our debt, Nigel has said before many times we are in advanced talks with DFIs for $400mil, if catl effed off we could raise the catl part of equity via SPP and then we go it alone (yes will take longer). We could rope in others surely in time too, especially once mining. Obviously no catl would be a hit though
I would imagine if a legitimate binding offer was put on the table it would have been presented to the market.
MoneyBags1348
Top 20
Thanks Obe, I was hoping to have an easy day tomorrow, but looks like a few of us should be saving these bullshit articles and running a highlighter over the various claims. Doesn’t take much to spot the lies, the most obvious that Cominiere have only recently learned about the CATH deal. The whole time they claim all this bullshit was going on, they said nothing. I’m glad the arbitration is not in the DRC, but not glad about having to spend my time going over all the bullshit these arseholes are coming out with. Hope a few here are keeping Nigel updated on these articles (in case he hasn’t seen them yet) and he’s keeping the layers updated, some of this shit is laughable but you don’t want the facts getting lost in the mix these arseholes are trying to cook up. By the way CATH, thanks for doing nothing, now highly suspect you are in on this!anyone read this one? ; fucking hilarious
Les raisons de la cession des actions de la COMINIERE - Ouragan.cd
<em data-rich-text-format-boundary="true">Le 17 octobre 2016, la COMINIERE et DATHOMIR Sarl avaient conclu un accord de joint-venture pour l’exploitation du permis 12202. Ce permis d’exploitation était devenu un permis de recherche 13359. Et, ce après la réalisation du contrat avec MMCS et la...
The reasons for the sale of the shares of the COMINIERE
On October 17, 2016, COMINIERE and DATHOMIR Sarl had entered into a joint venture agreement for the operation of permit 12202. This operating permit had become a 13359 research permit. And this after the completion of the contract with MMCS and the forfeiture of this operating permit. PE 12202 was thus divided into two RPs, including 13689 for discharges and 13359 for the mine. The contract was amended in December 2016.
By Gaby Kuba Bekanga
Published on January 6, 2022 at 15:05:28
Genesis of the file
COMINIERE AND DATHOMIR have created DATHCOM MINING SA in which each holds 30% and 70% of the shares respectively. In January 2017, the two shareholders decided to sell PR 13359 to DATHCOM SA for operation. On November 20, 2017, COMINIERE, DATHOMIR and AVZ MINERALS signed an agreement under which AVZ MINING acquired 60% of DATHOMIR SARL's shares in DATHCOM MINING SA. AVZ paid $500,000 for this transaction. After this agreement, the share capital of DATHCOM SA was as follows: COMINIERE 25%, AVZ MINERALS 65% and DATHOMIR 10%. The COMINIERE then sold 5% to AVZ to stay with 25%.
Read also:
Calls for tenders for the 16 oil and gas blocks: Budimbu calls on diplomats to interest businessmen in their countries
Five years after the creation of the joint venture, no significant activity on the site. The project remained in a research phase. This is how the COMINIERE was contacted by the Chinese ZIJIN. The latter was looking at the Manono-Kitotolo project, which COMINIERE relied heavily on thanks to a world-class lithium deposit. But, compliance with the clauses by shareholders posed a problem. AVZ obstructed the development of the project with opacity in fundraising operations.
It should be noted that AVZ is a company listed on the Melbourne Stock Exchange. She raised funds in Australia without the knowledge of the COMINIERE. The amount obtained by AVZ and its use did not allow the COMINIERE to verify or understand the assignment. Everything remained mysterious and enigmatic. Nothing has been approved by the board of directors regarding loans and advances made by a shareholder.
Questions that annoy
The construction project of the Manono camp for workers was overbilled at US$2,000,000, although it does not represent this amount. The subcontracts of US$500,000 were signed without the approval of the partners, a cavalier management in the absence of the COMINIERE agents.
In addition, once the feasibility study was ready, the COMINIERE had to give its favorable opinion for formalities at the Mining Cadastre in order to transform PR 13359 into an EP. In addition, the feasibility study sent to the COMINIERE contains an assertion that makes it inadmissible. In this study, AVZ claims to have recovered the Mpiana Mwanga hydroelectric plant, while it is a heritage of the Congolese state via the COMINIERE. AVZ has signed a memorandum of understanding with the Ministry of Energy for the rehabilitation of the said plant by zapping the owner COMINIERE. Such cheating exposes AVZ to legal proceedings. The COMINIERE requested advances on the dividends but never obtained them.
According to stock market requirements, each phase of the project must be published with the opinion of shareholders. This is what AVZ has never done with PR 13359. The COMINIERE only obtains information about it on social networks. AVZ completely ignores its partner. Are we in a conquered state or facing a raid?
Indeed, the transfer of AVZ's shares to a Chinese group without the approval of the partners is only the confiscation of property belonging to others. The COMINIERE is also shocked to learn that AVZ presented itself without its knowledge as President of the Republic, when it is supposed to defend the interests of the State. Did the Presidency buried its secular arm, the COMINIERE by dealing directly with AVZ?
Justification for the sale of 15% of the shares of COMINIERE, another episode of the film
On June 14 of this year, the Chinese ZIJIN MINING GROUPE COMPANY Limited approached COMINIERE to acquire part of its shares in DATHCOM SA. The Chinese operator proposed a "reasonable price" and another partnership for the development of the deposits included in PE 12453 and 13247. The minutes of the meeting mention that the COMINIERE sold 15% of its shares in DATHCOM and not 20% initially requested by ZIJIN. The 15% is equivalent to US$33.440,000. On July 21, 2021, AVZ informed other shareholders including AVZ of its willingness to sell its shares to allow them to exercise their right of pre-emption.
Contestation
AVZ refuted the COMINIERE's approach. By its correspondence CL/098/MMA/08/2021, AVZ accuses the COMINIERE of violating the company's agreements and statutes. He expressed his intention to exercise the right of pre-emption. For the shares offered for sale, he offered USD 1,000,000 per %, or $15,000,000 less than ZIJIN. In the meantime, the RP has not yet been transformed into an EP. In the event of transformation, the State could hold 10% of the share capital in DATHCOM SA.
Demonstration of the legality of the assignment
The session of the shares is governed by Article 9 of the joint venture contract between COMINIERE and AVZ. This article provides for a free assignment and an assignment to third parties. The first assignment states that: "Any party may freely assign, one, several or all to the other party or to an affiliate, it being understood that, for the affiliates, the shares will be returned to the transferor if the transferee ceases to be an affiliate. The deed of assignment must provide for this retrocession". The second assignment states: "The parties agree that the shares cannot be transferred to third parties between the period between the effective date (included) and the completion of a preliminary feasibility study. Following the expiry of the freeze period, in the event of a transfer of the shares by a shareholder to a third party, the transferor shall grant the other partners the right of pre-emption described in this article."
Read also:
Julien Paluku: "The DRC is the best investment destination today"
The COMINIERE was to notify AVZ of the number of shares for sale, the identity of the buyer and the agreed price. Each partner has 40 days to exercise his right of pre-emption. AVZ therefore has the option to block the transaction. He could decide alone in the board of directors because, the COMINIERE, because of the conflict of interest, cannot participate. She becomes a judge and party. AVZ's offer being lower than ZIJIN, it cannot block otherwise, it abuses its majority. In addition, another shareholder, DATHOMIR, did not object to this transaction.
The refusal by the president to convene the meeting of the board of directors to take note of the operation is an act of abuse of majority. This act gives the COMINIERE the opportunity to go to court because of the damage suffered if the operation is aborted.
Charge against charge, piece against document
AVZ has already sent a letter to ZIJIN with threat. However, the COMINIERE protests against this attitude and plans to seize any likely buyer of AVZ's shares. Reason? Non-compliance with the statutory provisions on the right of pre-emption.
While since September 1, 2021, the Minister of the Portfolio has accepted the sale of the 15% of COMINIERE in DATHCOM. Minister Adèle Kayinda's correspondence supports the transfer. The government approved the decision of the COMINIERE General Assembly. The approach seems irreversible. AVZ intends to go to court to challenge the transaction. He claims that he was not contacted, although correspondence was sent to him regarding ZIJIN's offer and the convening of DATHCOM's general assembly. Fake runaway? Liar poker?
The COMINIERE recently learned with amazement that AVZ International PTY Ltd has concluded a transaction implementation agreement (TIA) with the Chinese SUZHOU CATH ENERGY TECHNOLOGIES. The COMINIERE will soon go to court against this illegal session.
Unlike AVZ's illegal transactions, the COMINIERE followed the procedure. It respected the right of pre-emption of all shareholders. She waited for the statutory deadline of 40 calendar days. It applied Article 17 of the Law laying down general provisions on the disengagement of the State from Portfolio companies. This law strongly recommends the best offer from all candidates. On this point, there is therefore no match between AVZ and ZIJIN.
ECONOMYMaluku SEZ: Julien Paluku satisfied with the progress of the work
ECONOMYHaut-Katanga: two pipe manufacturing plants inaugurated by Julien Paluku
Our tags
POLICYCENIEXPO DUBAIWOMANELECTIONWAR
EarleofBarrow
Regular
Everybody just need to take a breath.As frustrating as the current situation is,this has been AVZ since the start.
Ive been here since Aug 2017 and we have seen many a shit show,from Ninja to Klaus,from Kikker to Zinjin.
Just let it unfold.Have faith in Nigel and the BOD.
Yes its fucking frustrating at times !
At the end of the day what choice do we have
If we get screwed ( which I've never thought we will) we will all live on to fight another day.
Hang tough.....
Ive been here since Aug 2017 and we have seen many a shit show,from Ninja to Klaus,from Kikker to Zinjin.
Just let it unfold.Have faith in Nigel and the BOD.
Yes its fucking frustrating at times !
At the end of the day what choice do we have
If we get screwed ( which I've never thought we will) we will all live on to fight another day.
Hang tough.....
So zijin claims are ludicrous yet we may consider selling to them before ICC arbitration??
Misfits
Regular
That’s incorrect, he has purchased shares. As well as gifted.
TDITD
Top 20
Yes true, AVZ has been a bastard child from the start.Everybody just need to take a breath.As frustrating as the current situation is,this has been AVZ since the start.
Ive been here since Aug 2017 and we have seen many a shit show,from Ninja to Klaus,from Kikker to Zinjin.
Just let it unfold.Have faith in Nigel and the BOD.
Yes its fucking frustrating at times !
At the end of the day what choice do we have
If we get screwed ( which I've never thought we will) we will all live on to fight another day.
Hang tough.....
Like you say we have no choice now but to have faith, not just in the board but also the DRC government.
This is the biggest lithium hard rock deposit out there, it’s highly coveted. The board have got us this far and through many scrapes, this will just be another one.
CashKing
Regular
Ahhh Chinese whispers…anyone read this one? ; fucking hilarious
Les raisons de la cession des actions de la COMINIERE - Ouragan.cd
<em data-rich-text-format-boundary="true">Le 17 octobre 2016, la COMINIERE et DATHOMIR Sarl avaient conclu un accord de joint-venture pour l’exploitation du permis 12202. Ce permis d’exploitation était devenu un permis de recherche 13359. Et, ce après la réalisation du contrat avec MMCS et la...
The reasons for the sale of the shares of the COMINIERE
On October 17, 2016, COMINIERE and DATHOMIR Sarl had entered into a joint venture agreement for the operation of permit 12202. This operating permit had become a 13359 research permit. And this after the completion of the contract with MMCS and the forfeiture of this operating permit. PE 12202 was thus divided into two RPs, including 13689 for discharges and 13359 for the mine. The contract was amended in December 2016.
By Gaby Kuba Bekanga
Published on January 6, 2022 at 15:05:28
Genesis of the file
COMINIERE AND DATHOMIR have created DATHCOM MINING SA in which each holds 30% and 70% of the shares respectively. In January 2017, the two shareholders decided to sell PR 13359 to DATHCOM SA for operation. On November 20, 2017, COMINIERE, DATHOMIR and AVZ MINERALS signed an agreement under which AVZ MINING acquired 60% of DATHOMIR SARL's shares in DATHCOM MINING SA. AVZ paid $500,000 for this transaction. After this agreement, the share capital of DATHCOM SA was as follows: COMINIERE 25%, AVZ MINERALS 65% and DATHOMIR 10%. The COMINIERE then sold 5% to AVZ to stay with 25%.
Read also:
Calls for tenders for the 16 oil and gas blocks: Budimbu calls on diplomats to interest businessmen in their countries
Five years after the creation of the joint venture, no significant activity on the site. The project remained in a research phase. This is how the COMINIERE was contacted by the Chinese ZIJIN. The latter was looking at the Manono-Kitotolo project, which COMINIERE relied heavily on thanks to a world-class lithium deposit. But, compliance with the clauses by shareholders posed a problem. AVZ obstructed the development of the project with opacity in fundraising operations.
It should be noted that AVZ is a company listed on the Melbourne Stock Exchange. She raised funds in Australia without the knowledge of the COMINIERE. The amount obtained by AVZ and its use did not allow the COMINIERE to verify or understand the assignment. Everything remained mysterious and enigmatic. Nothing has been approved by the board of directors regarding loans and advances made by a shareholder.
Questions that annoy
The construction project of the Manono camp for workers was overbilled at US$2,000,000, although it does not represent this amount. The subcontracts of US$500,000 were signed without the approval of the partners, a cavalier management in the absence of the COMINIERE agents.
In addition, once the feasibility study was ready, the COMINIERE had to give its favorable opinion for formalities at the Mining Cadastre in order to transform PR 13359 into an EP. In addition, the feasibility study sent to the COMINIERE contains an assertion that makes it inadmissible. In this study, AVZ claims to have recovered the Mpiana Mwanga hydroelectric plant, while it is a heritage of the Congolese state via the COMINIERE. AVZ has signed a memorandum of understanding with the Ministry of Energy for the rehabilitation of the said plant by zapping the owner COMINIERE. Such cheating exposes AVZ to legal proceedings. The COMINIERE requested advances on the dividends but never obtained them.
According to stock market requirements, each phase of the project must be published with the opinion of shareholders. This is what AVZ has never done with PR 13359. The COMINIERE only obtains information about it on social networks. AVZ completely ignores its partner. Are we in a conquered state or facing a raid?
Indeed, the transfer of AVZ's shares to a Chinese group without the approval of the partners is only the confiscation of property belonging to others. The COMINIERE is also shocked to learn that AVZ presented itself without its knowledge as President of the Republic, when it is supposed to defend the interests of the State. Did the Presidency buried its secular arm, the COMINIERE by dealing directly with AVZ?
Justification for the sale of 15% of the shares of COMINIERE, another episode of the film
On June 14 of this year, the Chinese ZIJIN MINING GROUPE COMPANY Limited approached COMINIERE to acquire part of its shares in DATHCOM SA. The Chinese operator proposed a "reasonable price" and another partnership for the development of the deposits included in PE 12453 and 13247. The minutes of the meeting mention that the COMINIERE sold 15% of its shares in DATHCOM and not 20% initially requested by ZIJIN. The 15% is equivalent to US$33.440,000. On July 21, 2021, AVZ informed other shareholders including AVZ of its willingness to sell its shares to allow them to exercise their right of pre-emption.
Contestation
AVZ refuted the COMINIERE's approach. By its correspondence CL/098/MMA/08/2021, AVZ accuses the COMINIERE of violating the company's agreements and statutes. He expressed his intention to exercise the right of pre-emption. For the shares offered for sale, he offered USD 1,000,000 per %, or $15,000,000 less than ZIJIN. In the meantime, the RP has not yet been transformed into an EP. In the event of transformation, the State could hold 10% of the share capital in DATHCOM SA.
Demonstration of the legality of the assignment
The session of the shares is governed by Article 9 of the joint venture contract between COMINIERE and AVZ. This article provides for a free assignment and an assignment to third parties. The first assignment states that: "Any party may freely assign, one, several or all to the other party or to an affiliate, it being understood that, for the affiliates, the shares will be returned to the transferor if the transferee ceases to be an affiliate. The deed of assignment must provide for this retrocession". The second assignment states: "The parties agree that the shares cannot be transferred to third parties between the period between the effective date (included) and the completion of a preliminary feasibility study. Following the expiry of the freeze period, in the event of a transfer of the shares by a shareholder to a third party, the transferor shall grant the other partners the right of pre-emption described in this article."
Read also:
Julien Paluku: "The DRC is the best investment destination today"
The COMINIERE was to notify AVZ of the number of shares for sale, the identity of the buyer and the agreed price. Each partner has 40 days to exercise his right of pre-emption. AVZ therefore has the option to block the transaction. He could decide alone in the board of directors because, the COMINIERE, because of the conflict of interest, cannot participate. She becomes a judge and party. AVZ's offer being lower than ZIJIN, it cannot block otherwise, it abuses its majority. In addition, another shareholder, DATHOMIR, did not object to this transaction.
The refusal by the president to convene the meeting of the board of directors to take note of the operation is an act of abuse of majority. This act gives the COMINIERE the opportunity to go to court because of the damage suffered if the operation is aborted.
Charge against charge, piece against document
AVZ has already sent a letter to ZIJIN with threat. However, the COMINIERE protests against this attitude and plans to seize any likely buyer of AVZ's shares. Reason? Non-compliance with the statutory provisions on the right of pre-emption.
While since September 1, 2021, the Minister of the Portfolio has accepted the sale of the 15% of COMINIERE in DATHCOM. Minister Adèle Kayinda's correspondence supports the transfer. The government approved the decision of the COMINIERE General Assembly. The approach seems irreversible. AVZ intends to go to court to challenge the transaction. He claims that he was not contacted, although correspondence was sent to him regarding ZIJIN's offer and the convening of DATHCOM's general assembly. Fake runaway? Liar poker?
The COMINIERE recently learned with amazement that AVZ International PTY Ltd has concluded a transaction implementation agreement (TIA) with the Chinese SUZHOU CATH ENERGY TECHNOLOGIES. The COMINIERE will soon go to court against this illegal session.
Unlike AVZ's illegal transactions, the COMINIERE followed the procedure. It respected the right of pre-emption of all shareholders. She waited for the statutory deadline of 40 calendar days. It applied Article 17 of the Law laying down general provisions on the disengagement of the State from Portfolio companies. This law strongly recommends the best offer from all candidates. On this point, there is therefore no match between AVZ and ZIJIN.
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FFS the media is sooooo wrong…
Expected nothing less from these dirtbags! As usual right on cue!
stripped of what licence ,, these people should be hunted down
obe wan
Regular
Ye boatmancapital ; ‘Boatman Capital is a corporate finance advisory firm’ surely those guys repeatedly posting such articles which are clearly incorrect in even basic content , would be leaving their door ajar for negligence
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