AVZ Discussion 2022

[Chilla]

IMO the ASX, after rightly requesting answers to many questions regarding continuous disclosure, is satisfied with the position AVZ has explained itself to be confronting ...... and therefore uses ambiguous terminology "likely to remain suspended" and also permitted AVZ to take 2 months longer than stipulated to respond to the Aware Letter.

ASX has effectively said....we are doing our job in questioning the company and responding to the many questions investors and detractors have lobbed on us in respect to the continuing suspension....and AVZ has explained the situation to our current satisfaction as we now understand the negotiations and legal actions in progress and will allow them further time for the current actions to play out.

Not good and not bad.....just more of the same while communication with DRC continues imo.

 

[9cardomaha]

At least we have the best BoD of any company on the ASX

 

[Azzler]

We were in voluntary suspension and now we are officially suspended indefinitely by the ASX for non-compliance of listing rule 3.1

View attachment 34102

Having explained themselves I don't see how AVZ can un-explain themselves and somehow show they are "in" compliance

Hate to say it but I reckon we're well and truly fucked

Not indefinately mate, as stated by the ASX,

"AVZ’s securities are likely to remain suspended until ASX is satisfied about AVZ’s compliance with the Listing
Rules, including Listing Rule 3.1."

So it's suspended until we can clear up whats going on in regards to the Ministerial decrees.
At least that's what I can figure.

 

[Thaz]

Thanks for the commentary re this guys.

Seeing the 21 page document pop up while at work and no time to look at it, sure does make me concerned.

But the rational thoughts noted here on the announcements are much welcome as a synopsis (will review the docs myself when i get a chance to - work and the little bub are kicking my ass right now!)

 

[Mr Inappropriate]

Ok so I wasn't thinking clearly here, the 3.1 doesnt refer to the query letter that AVZ responded to, where at 3.1 it states may 14 letter.

It's talking about ASX listing rule 17.3.1 as follows:


Suspension not at entity’s request

General rule

17.3 ASX may at any time suspend an entity’s + securities, or a + class of them, from + quotation if in
ASX’s opinion any of the following applies.

17.3.1 The entity is unable or unwilling to comply with, or breaks, a listing rule.


In the response letter when asked if AVZ considers information regarding the Jan 28th 2023 Ministerial decrees (response 1.7), to be something that would have an effect on the share price, AVZ state "Potentially yes..." And go on to say they don't yet know.

So...
It looks to me, like because of listing rule 17.3.1, the ASX must take on the suspension themselves, because AVZ are unable to comply with a listing rule, because they don't yet know the true intentions of the DRC in regards to those decrees, and can not make a disclosure yet.


And so...
the ASX states that the securites are likely to remain suspended until AVZ know what it's all about.

So my take on all this is that it's all ok and nothing really changes as a result of this. ASX seem satisfied to continue the suspension, which is now just under a new rule, and they have said the ball is in AVZ's court in regards to coming out of suspension.

So (and I fucking hope so) I think nothing has really changed, just sounds scary.

Peace

That’s my take on it too.

 

[Chilla]

IMO the ASX, after rightly requesting answers to many questions regarding continuous disclosure, is satisfied with the position AVZ has explained itself to be confronting ...... and therefore uses ambiguous terminology "likely to remain suspended" and also permitted AVZ to take 2 months longer than stipulated to respond to the Aware Letter.

ASX has effectively said....we are doing our job in questioning the company and responding to the many questions investors and detractors have lobbed on us in respect to the continuing suspension....and AVZ has explained the situation to our current satisfaction as we now understand the negotiations and legal actions in progress and will allow them further time for the current actions to play out.

Not good and not bad.....just more of the same while communication with DRC continues imo.

I will add further....like most AVZ announcements on first glance of this announcement the impression is "ohhh fuck this isnt good" .... but on reading again and digesting further ... like previous apparent bad announcements.......they arent as bad as they first may appear.

Read and reread and you get a better appreciation from where AVZ and ASX are coming from and it's not like your first impression was. Hope that helps.

 

[RHyNO]

We are suspended until our BOD can clearly indicate what the fuck is going on with the deposit. They are keeping it hush hush at the moment because they either need to negotiate their way out or they are a pack of over funded geologist that will need a place to hide when this goes flop. Fuck them and fuck the asx for enabling this complete bullshit to exist. “We want to list our company to gain funding for a mineral resource we have found”. “Where is it?” “ DRC”. “GET THE FUCK OUT OF MY OFFICE AND TRY GO FUND ME YOU CUNT”

 

[Randenj]

My, very outside, hope is that geopolitical forces are at play here and ASX are onside.
Hence the grace since February.

As things develop (hopefully in AVZ's favour), then maybe it is both in our interests to trade and we comply.

Or have I got my head in the clouds /up my rs?

That was my very first thought when I read the announcements too. Hoping my gut feeling is correct.

 

[Beetleb]

Not indefinately mate, as stated by the ASX,

"AVZ’s securities are likely to remain suspended until ASX is satisfied about AVZ’s compliance with the Listing
Rules, including Listing Rule 3.1."

So it's suspended until we can clear up whats going on in regards to the Ministerial decrees.
At least that's what I can figure.

This gives me some comfort. However, is it possible we could be delisted by the ASX? I can't see any mention of potential delisting as the next step - only that we are suspended until AVZ satisfies the ASX we should come out of suspension.

 

[Flight996]

AVZ's management has for too long played fast and loose with its continuous disclosure obligations, and in the process treated its shareholders with contempt. Just like our CEO saying that his significant investment in an adversarial company, AJN, is not a conflict of interest (COI) and none of shareholders' business. That does not pass the pub test Nigel. If it quacks and waddles like a duck, then it's probably a duck.

Well, finally, after ten months the ASX has spoken and thrown the rule book at management.

After the smoke clears and there's a way forward, I hope management will now act differently and provide truthful and timely advice to shareholders.

Cheers
F

 

[TheCount]

"Thanks ASX, here's a long-winded response to your search for answers but we'll just ignore what you're really asking for. If you want further clarification, grab your popcorn and keep an eye on the upcoming ICC hearing"

And for anyone asking about delisting - you're either lacking education or a troll. Go do some reading about how you get yourself delisted. I'll give you a hint - it's available at asx.com.au or here Chapter 17 Trading halts, suspension, removalhttps://www.asx.com.au › documents › rules › Ch...

TC.

 

[Xerof]

ASX can go fuck themselves. AVZ will not (and have deliberately chosen not to) disclose all the information they would like to see, as it feeds the enemy, so ffs, put us in your suspension straitjacket, and we'll get back to you when we have sorted these other cunts out

over and out, 10 fuckin hail mary's

 

[Lucas Don Velor]

We were in voluntary suspension and now we are officially suspended indefinitely by the ASX for non-compliance of listing rule 3.1

View attachment 34102

Having explained themselves I don't see how AVZ can un-explain themselves and somehow show they are "in" compliance

Hate to say it but I reckon we're well and truly fucked

After the emotional roller-coaster of this mornings announcements..., I'm of the opinion that after an arbitration win, previous announcement comments like 'spurious in nature' 'vexatious'...etc, become realised...therefore AVZ will not have to "un-explain themselves"...Once AVZ is ABLE to adhere to the listing rule (after arbitration IMO), they will likely come out of suspension...

 

[geo_au]

Can anyone break down what this actually means?


"AVZ’s securities will now continue to be suspended from quotation under Listing Rule 17.3.1, due to AVZ’s inability to
confirm compliance with Listing Rule 3.1"

"AVZ’s securities are likely to remain suspended until ASX is satisfied about AVZ’s compliance with the Listing
Rules, including Listing Rule 3.1."


3.1 = May 14 2021 Letter.

Is this all bad for us?
Or is it just like, we are still suspended but for a different reason than before?
Could it just be that ASX had no legal recourse to keep AVZ suspended, so now they have a new reason?

It was obviously overlooked by management at such a busy time in the DRC. I am not fussed by the action taken by the ASX and feel in the scheme of things it is a non issue.

 

[Onthefm]

AVZ's management has for too long played fast and loose with its continuous disclosure obligations, and in the process treated its shareholders with contempt. Just like our CEO saying that his significant investment in an adversarial company, AJN, is not a conflict of interest (COI) and none of shareholders' business. That does not pass the pub test Nigel. If it quacks and waddles like a duck, then it's probably a duck.

Well, finally, after ten months the ASX has spoken and thrown the rule book thrown at management.

I hope management will now act differently and provide truthful and timely advice to shareholders.

Cheers
F

Not a fucken chance mate. They wouldn't know how.

 

[Flight996]

Not a fucken chance mate. They wouldn't know how.

I suspect that the board is not greatly concerned, despite some reputational damage, because it is currently busy negotiating an outcome to bring to the ICC arbitration hearing on 21 April. If it can pull it off (no pun intended) then all will be forgiven and progression towards a mine will continue...until the next road hump.

Cheers
F

 

[thegh0stwithin]

We are suspended until our BOD can clearly indicate what the fuck is going on with the deposit. They are keeping it hush hush at the moment because they either need to negotiate their way out or they are a pack of over funded geologist that will need a place to hide when this goes flop. Fuck them and fuck the asx for enabling this complete bullshit to exist. “We want to list our company to gain funding for a mineral resource we have found”. “Where is it?” “ DRC”. “GET THE FUCK OUT OF MY OFFICE AND TRY GO FUND ME YOU CUNT”

You sound like you are having a tough day. There are gentlemens clubs that can cure such ill feel.

 

[Xerof]

It was obviously overlooked by management at such a busy time in the DRC. I am not fussed by the action taken by the ASX and feel in the scheme of things it is a non issue.

I'll call your first comment out as utter bullshit. I've said it a few times now, the body language and hasty shutting down of the AGM that year alerted me (at least, if no-one else) that something was being withheld. I didn't know what until der geist started outing them

We may have the best BoD on the planet but they are also operating on the very edge of (non) compliance

I agree with your second sentence, so all peace and love

 

[thegh0stwithin]

AVZ's management has for too long played fast and loose with its continuous disclosure obligations, and in the process treated its shareholders with contempt. Just like our CEO saying that his significant investment in an adversarial company, AJN, is not a conflict of interest (COI) and none of shareholders' business. That does not pass the pub test Nigel. If it quacks and waddles like a duck, then it's probably a duck.

Well, finally, after ten months the ASX has spoken and thrown the rule book at management.

I hope management will now act differently and provide truthful and timely advice to shareholders.

Cheers
F

At this point in time, no matter what arises the book is suspended. This means no on market buying or selling.
Therefore, anything that arises in which it may not be in the best interests of shareholders to have disclosed to the open market may not necessarily be disclosed to the open market, if it is material to legal action to protect the rights of ownership, operation and unimpeded access at Manono.

I expect that management will continue to feed little to shareholders (and rightfully so) until arbitration procedures have concluded, the issue in relation to the court in Lubambashi is corrected, the issue in relation to illegal and illigitimate distribution of ownership of the 15% from Cominere is reversed and the mining license is granted.

Our funds are locked, a screw up sees them disappear, smart management sees them multiply 3-4x within 12 months of trading recommencement IMO. And I will be buying if we open on market again with a ML, when the rats run from the ship thinking it may not be safe.

 

[wombat74]

"AVZ’s securities are likely to remain suspended until ASX is satisfied about AVZ’s compliance with the Listing Rules, including Listing Rule 3.1." - ASX

The ASX just did us a favour . As long as we remain in the cone of silence the ASX says we must remain suspended .