AVZ Discussion 2022

[Carlos Danger]

Anyone remember what class of Directors insurance it was that was increased by AVZ and what the metrics were?

ie Original value and Increased value

Just wondering....got a couple of fkwits on the crapper who are giving me the shits so I'd like to throw something at them before I finally quit that cess pool.....farken

Nigel laughed it off at the AGM when queried saying the business is getting bigger so the insurance has gone up

Bit of shite right there.....I haven't seen the business get "bigger"

Not sure about the class of insurance. Check the annual report to see if it gives any details.

From the AGM:

Directors insurance going from 90k to 500k, why?

A: no claims against us, the rise is because we’ve developed size wise. It’ll rise further when we’re developing.

 

[JAG]

 

[Winenut]

Not sure about the class of insurance. Check the annual report to see if it gives any details.

From the AGM:

Directors insurance going from 90k to 500k, why?

A: no claims against us, the rise is because we’ve developed size wise. It’ll rise further when we’re developing.

Thank you Carlos

Appreciate the tip

Found some detail in the Annual Report

 

[Skar]

View attachment 24797

I thought this was one of our problems, the IGF exposes but does not prosecute/has no teeth to actually impose good governance. It can uncover and shine a light of corruption but cant actually hold our detractors to account, thats a different branch? (still playing catch up on DRC political workings).

 

[Remark]

View attachment 24810

 

[Winenut]

I thought this was one of our problems, the IGF exposes but does not prosecute/has no teeth to actually impose good governance. It can uncover and shine a light of corruption but cant actually hold our detractors to account, thats a different branch? (still playing catch up on DRC political workings).

It's the police and the judiciary that have to act on the IGF report.

It becomes a legal process once the IGF presents it's findings

IGF can't be the judge, jury and executioner

Jules is very strong on that point

 

[John25]

View attachment 24826

 

[Carlos Danger]

Based. We should keep close tabs on the candidates for next years election and build a dossier on their allegiances and likely outcomes for AVZ if they win. Probs worth creating a separate thread to make it easier to track @MoneyBags1348

 

[MoneyBags1348]

Thank you Carlos

Appreciate the tip

Found some detail in the Annual Report

View attachment 24819

Begs the question Nuts…. Farken

 

[Carlos Danger]

Jackals gonna jackal

 

[9cardomaha]

17% for punctuality and timeliness for the DRC. I think all the garbage coming from Cominiere right now is just grasping at straws; all we can do is wait and see now.

 

[JAG]

 

[cruiser51]

View attachment 24850

Who are these guys?
Simon Cong's grand kids, trying to make some pocket money, or is it the Boatman's deck hands??

Free shares from the Klaus/Simon/Jean-Felix team??
Do these guys believe in the stork story too??
FFS get real, before I start to vomit.
I might do a winenut and have a Jaraman from the Clare Valley. Fukit.

 

[Mr Inappropriate]

View attachment 24832

Begs the question Nuts…. Farken

It’s pretty straightforward, right? They know they have massive legal exposure from shareholders around non-disclosure should the current issues not be resolved in AVZ’s favour.

 

[JAG]

Who are these guys?
Simon Cong's grand kids, trying to make some pocket money, or is it the Boatman's deck hands??

Free shares from the Klaus/Simon/Jean-Felix team??
Do these guys believe in the stork story too??
FFS get real, before I start to vomit.
I might do a winenut and have a Jaraman from the Clare Valley. Fukit.

Jonno is on our side…. Lars is klaus fuckoff…. He blocked me early on

 

[Carlos Danger]

Thank you Carlos

Appreciate the tip

Found some detail in the Annual Report

View attachment 24819

View attachment 24832

Begs the question Nuts…. Farken

It’s pretty straightforward, right? They know they have massive legal exposure from shareholders around non-disclosure should the current issues not be resolved in AVZ’s favour.

Could it be as simple as the amount of insurance required is tied to our market cap?

Share price was around 4 or 5 times the previous year for most of 21/22 which is the same increase as the insurance premium and that fits with Nigel's 'the rise is because we’ve developed size wise' explanation

Either that or management or the insurer have increased it because they see risk

 

[Carlos Danger]

Could it be as simple as the amount of insurance required is tied to our market cap?

Share price was around 4 or 5 times the previous year for most of 21/22 which is the same increase as the insurance premium and that fits with Nigel's 'the rise is because we’ve developed size wise' explanation

Either that or management or the insurer have increased it because they see risk

Would a hypothetical non disclosure violation be covered under 'conduct involving a wilful breach of duty by the officers?'

If ASIC managed to prove that management intentionally or recklessly failed to disclose relevant information to the market then surely it wouldn't even be covered by this insurance

None of this matters unless the claims against the company are proven to have merit. It's just the desperate howls of a cornered jackal imo

 

[Mr Inappropriate]

Could it be as simple as the amount of insurance required is tied to our market cap?

Share price was around 4 or 5 times the previous year for most of 21/22 which is the same increase as the insurance premium and that fits with Nigel's 'the rise is because we’ve developed size wise' explanation

Either that or management or the insurer have increased it because they see risk

Insurance is of course about transferring the consequences of a risk being realised to a third party (the insurer).

• Increased coverage and premiums associated with us having a bigger operation? Sure, but that would be more generalised insurance cover more so than coverage for directors.
• Increased coverage and premiums associated with us having a bigger market cap? In and of itself, not really. However…
• Increased coverage and premiums associated with shareholder actions arising from, say, non-disclosure leading to losses? Absolutely.

On the last point in your post, I think the BOD know that legal action will be coming if we lose out once the shit-show concludes. This is the predominant reason for the increase IMO.

 

[Remark]

Is it just me or does the Green Princess look really stoned in this picture??

 

[MoneyBags1348]

It’s pretty straightforward, right? They know they have massive legal exposure from shareholders around non-disclosure should the current issues not be resolved in AVZ’s favour.

Could it be as simple as the amount of insurance required is tied to our market cap?

Share price was around 4 or 5 times the previous year for most of 21/22 which is the same increase as the insurance premium and that fits with Nigel's 'the rise is because we’ve developed size wise' explanation

Either that or management or the insurer have increased it because they see risk

I haven’t read your following post yet Carlos but I’ll just answer your and @Mr Inappropriate previous posts before I do. I suggested to @Winenut in a private post earlier today that it may have been due to our increased market capital.

Then I read his post here with copy of the increase from our Annual Report…. I can tell you that I am the Secretary and Treasurer of a Strata complex where I live and we also have insurance that covers any negligence by me or the other officer bearers, hence my comment.

I am cutting back posting on the discussion thread because I don’t want to be posting too much negativity, and at the moment I’m trying to move on from what the exec’s and BOD have and haven’t done, and focus on our finances going forward but I think @Mr Inappropriate is on the money