AVZ's response to media and social media commentary.
Update on Jin Cheng proceedings
The ICC has informed the parties that it appointed a sole arbitrator. The Parties will be convened to a case management conference in
Response to Boatman Capital Report
The Boatman Report makes a large number of false, misleading and/or deceptive statements (including through omission) regarding AVZ and its ownership in the
Dathomir purporting to 'cancel' or procure the 'cancellation' of the two separate binding contracts entered into in 2019 and 2020 (Dathomir SPAs) in respect of the sale and purchase of 15% of the shares in Dathcom. The true position is that
However, unless and until a contrary ruling is made, Dathomir's claims did not affect AVZI's 2021 acquisition of a further 15% interest in Dathcom. No court of law or arbitral tribunal has ruled that the Dathomir SPAs were 'cancelled', validly terminated or not duly completed by AVZI. In any event, given that both Dathomir SPAs contain and are subject to arbitration agreements, only a properly constituted arbitral tribunal has jurisdiction to make such a ruling. As far as AVZ is aware, no arbitration proceedings have been commenced.
Contact:
Level 2,
T: + 61 8 6117 9397
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Cominiere purporting to sell 15% of the shares in Dathcom to Jin Cheng, which the Company contends is in contravention of the pre-emption rights under Dathcom's Articles of Association and the Shareholders Agreement and as such, under OHADA law, is invalid and of no force or effect. Furthermore, the Boatman Report appends and appears to draw conclusions relying on an incomplete copy of the purported contract for the sale of shares between Jin Cheng and Cominiere (refer to the incomplete extraction of the contract in the Boatman Report) and this omission is not acknowledged or commented on by Boatman. Indeed, the full contract specifically discloses that Cominiere and Jin Cheng: acknowledge AVZI's right of pre-emption; indicate that AVZI had asserted its right of pre-emption; but falsely (and at odds with the proposition that AVZI had asserted its right of preemption), indicate that the time within which the right of pre-emption is to be exercised has been exceeded.
As previously announced and confirmed and consistent with the above statements, any such contention is false and AVZ confirms that it retains legal title to a 75% interest in the
The Boatman Report has deliberately failed to include statements regarding the following: the valid completion of the two Dathomir SPAs legally selling to AVZI a 5% and 10% interest in the shares in Dathcom, respectively, to AVZI (as referred to above); or the provisions of Dathcom's Articles of Association and the Shareholders Agreement evidencing the pre-emptive rights owed to AVZI that were triggered by virtue of Cominiere's purported sale to Jin Cheng, and, accordingly, is misleading and/or deceptive, including through omission.
AVZ specifically objects to the following false or misleading assertions in the Boatman Report:
Dathomir owes Cominiere a 5% stake in the
The Company reiterates that the transfer of this 5% stake was definitive and irrevocable. In any event, this 5% interest (and a further 10% interest; together a 15% interest in the
AVZ has filed two lawsuits to 'block' the Zijin deal including in
In fact, the
Notwithstanding the fact that that ruling can still be challenged, the ruling did not approve, validate nor give any legal effect to the purported contract for the sale of shares between Jin Cheng and Cominiere.
AVZ rejects this assertion because the court only ordered the destruction of a share certificate.
In its announcement of
Services, examine the case.
While neither AVZ, nor AVZI was (or is) a party to the Tribunal Decision or the appeals from it, AVZ understands that: the appeals remain pending and, as such, continue to have the effect, under DRC law, of suspending the Tribunal Decision; the DRC General Inspectorate will not look further in this matter until the
The Company will provide an update regarding any material developments following the outcome of the pending appeal.
The Company condemns orchestrated short selling campaigns designed to undermine the position of the Company and its shareholders.
In the event
Report: contains false and misleading statements, provides an incomplete view of the facts and evidence and draws conclusions unsupported by adequate evidence; was published without any prior fact checking inquiry to the Company; in many material respects is not based on reliable information and therefore the recommendations and opinions do not appear to be formed on a reasonable basis; and uses overly emotive and imprecise language, which could mislead investors.
The Company is continuing its investigation into
Media
Mr.
Joint Company Secretary
Phone: +61 8 6117 9397
Phone: +61 (0) 412 124 833
Email: admin@avzminerals.com.au
FORWARD LOOKING INFORMATION
This announcement contains certain forward-looking statements and comments about future events, Forward looking statements can generally be identified by the use of forward-looking words such as 'expect', 'anticipate', 'likely', 'intend', 'should', 'could', 'may', 'predict', 'plan', 'propose', 'will', 'believe', 'forecast', 'estimate', 'target' and other similar expressions within the meaning of securities laws of applicable jurisdictions. Indications of, and guidance on, future earnings or financial position or performance are also forward-looking statements. Forward looking statements involve inherent risks and uncertainties, both general and specific, and there is a risk that such predictions, forecasts, projections and other forward-looking statements will not be achieved. Forward looking statements are provided as a general guide only and should not be relied on as an indication or guarantee of future performance. Forward looking statements involve known and unknown risks, uncertainty and other factors which can cause the Company's actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward looking statements and many of these factors are outside the control of the Company. As such, undue reliance should not be placed on any forward-looking statement. Past performance is not necessarily a guide to future performance and no representation or warranty is made by any person as to the likelihood of achievement or reasonableness of any forward-looking statements, forecast financial information or other forecast. Nothing contained in this announcement nor any information made available to you is, or shall be relied upon as, a promise, representation, warranty or guarantee as to the past, present or the future performance of the Company. Except as required by law or the ASX Listing Rules, the Company assumes no obligation to provide any additional or updated information or to update any forward-looking statements, whether as a result of new information, future events or results, or otherwise.
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