AVZ Discussion 2022

[cruiser51]

Not much pie at present!

Maybe Locke knows something we don't know.

I have been surprised the time it took them to do their DD.

I wouldn't be surprised NF at the end was completely pissed off especially taking in account, the potential gain Locke could make.

My own feeling was, it would have been better to disclose the Locke negotiations after all signed and sealed and money in the bank.
I would not be surprised the moment it was known that Locke was negotiating with AVZ for legal funding, a smart looking guy with a short haircut and the customary brown bag was knocking on Locke's door, to make sure they understood an extensive dd process was very important.
Btw way here is a cut lunch so you have a bite to eat while you have fun with your dd.

Fuck Zijin.

 

[Hodlandwin69]

Am I missing something? Didn't we sign with locke then back out of the deal and go with Cath?

Thus I don't understand why we don't owe the $1mil BreakFree?

 

[Lucas Don Velor]

A litigation funding firm litigating? Meh!

Nigel should approach Locke Capital for the latest dispute resolution funding hahaha… Deadshits!!!

 

[Hodlandwin69]

Issue seems to be that AVZ announced that it had agreed to lockes terms, perhaps didn't formally agree to the actual arrangement though?
View attachment 88074
View attachment 88071
They're cut because their dodgy deal wasn't accepted and now trying it on in court. Got to be happy we didn't enter any agreement with those cun*ts!

Idk, that sounds like they agreed to it to me.

 

[Hodlandwin69]

Announcement says that they agreed "the terms and conditions" not agreed 'to' the terms and conditions.
Sounds like Locke is using the announcement to claim that they agreed to it.
My assumption based on the latest AVZ announcement is that we never actually signed on the dotted line.

They agreed to this "term sheet" in November 2023. And if AVZ breaks it they owe a $1mil break fee.

I'm happy to not pay it, just seems a bit suss from management.
But hey, may as well fight it and try get out of it.

 

[Samus]

They agreed to this "term sheet" I'm November 2023. And if AVZ breaks it they owe a $1mil break fee.

I'm happy to not pay it, just seems a bit suss from management.
But hey, may as well fight it and try get out of it.

Indeed it seems you are correct and I didn't dig back far enough.

Ah well what's one more legal battle

 

[FatCatz]

Since Locke are experts at litigation... they can take the $1m from the DRC that they owe shareholders.

 

[Xerof]

They didn’t terminate the Term Sheet, it progressed to a formal agreement, and then withdrew without drawdown

So no break fee, imo

And Locke didn’t meet the deadline for exclusivity whilst DD undertaken, despite 3 extensions, so no $200k payable

AVZ free to deal with anyone else, which they did

Our resident corporate bush lawyer may like to peer review my assertions - they could well be spurious

 

[Retrobyte]

Did Ben Cohen fuck up again?

 

[Retrobyte]

It's all good, don't we have $40m Euros owed to us by the DRC?

 

[j.l]

It's all good, don't we have $40m Euros owed to us by the DRC?

But what chance of recouping any of that in the near term?

 

[j.l]

They didn’t terminate the Term Sheet, it progressed to a formal agreement, and then withdrew without drawdown

So no break fee, imo

And Locke didn’t meet the deadline for exclusivity whilst DD undertaken, despite 3 extensions, so no $200k payable

AVZ free to deal with anyone else, which they did

Our resident corporate bush lawyer may like to peer review my assertions - they could well be spurious


View attachment 88093

Interesting take.

I always read it as though we were up for max USD 200k to cover Locke costs regardless of what happened, plus the USD 1M break free for terminating.

I had assumed we paid all this out of the CATH money. Guess not!

 

[Rechnerhand]

US firm to build $1.5bn Angola to DRC power line --> I know not our business but engagement by the US and private sector is hardly trying to be noticed.

 

[Rechnerhand]

I guess we know which bank failed the stress test ...

Congo gets $262m from IMF on treasury reforms

 

[Rechnerhand]

news coverage:

Mining Review Africa: ICC decision: AVZ legally acquired Dathomir’s shares

others?

 

[Rechnerhand]

Rwanda's Kagame unsure whether peace deal with Congo will hold by Reuters

 

[Sammy_da_Smile]

They didn’t terminate the Term Sheet, it progressed to a formal agreement, and then withdrew without drawdown

So no break fee, imo

And Locke didn’t meet the deadline for exclusivity whilst DD undertaken, despite 3 extensions, so no $200k payable

AVZ free to deal with anyone else, which they did

Our resident corporate bush lawyer may like to peer review my assertions - they could well be spurious


View attachment 88093

Certainly an interesting turn of events. From the CATH funding ann 8th Jan.

 

[RHyNO]

Always pegged Locke for a bunch of fwitts. Absolutely hilarious, imagine running a law firm of this sort. Offering exploitation level terms and then suing companies that don’t take your your high 5 when drowning. I suppose Hell needs demons. Fuck em fuck em all! Hold the fort Nigel, but for fucksake try not to get outplayed…….again.

 

[Flight996]

Certainly an interesting turn of events. From the CATH funding ann 8th Jan.

And exactly what support was that?

The funding sought by AVZ was intended to cover legal fees, expert fees, local law support, investigation costs, arbitration and court fees, and related activities against the DRC and other parties. Pretty much the same as the CATH deal.

Locke's proposed facility was secured over all of AVZ's assets, including those of its wholly owned subsidiary AVZ International Pty Ltd (AVZI), Green Lithium Holdings PTE. Ltd (GLH), and the shares held by the group in GLH and Dathcom. That's a lot of security against a piss-ant loan.

I understand that in return, Locke Capital would also acquire 60 million fully paid ordinary shares in AVZ, and be granted an option to subscribe for additional shares upon the occurrence of key value milestones. I do not know the strike price for the additional shares.

However, all I saw for 12 months was Locke fucking-over AVZ by demanding additional collateral, and driving AVZ almost to the point of insolvency. AVZ dodged a bullet when it cut Locke loose, and went with CATH instead.

A pox on Locke and all its employees and their emotional support llamas.

I need a drink. The sun is past the yard arm somewhere in the world.

Cheers
F

 

[Xerof]

Yeah, I’m trying to look at it from AVZ perspective, following the stated conditions in the Term Sheet. It’s an aggressive perspective, but the law is precise.

I agree with @cruiser when he says this was delayed for an unreasonable amount of time for ‘whatever’ reason, but I think we can assume some form of nefarious behaviour was working behind the bamboo curtain.

After all, delay after delay had only one goal - to ensure AVZ ran out of funds