Australia freezes rights over about 1.24 billion Northern Minerals shares — three holders cited for noncompliance
TL;DR
Australia froze rights over about 1.24bn Northern Minerals shares after saying three holders missed a disposal deadline.
Australia froze the voting and other shareholder rights of three offshore investors in Northern Minerals. The company said on July 14 that Treasurer Jim Chalmers believed Hong Kong Ying Tak, Real International Resources and Qogir Trading & Service had not complied with disposal orders. About 1.24 billion shares are covered by the new directions.
On May 17, Chalmers ordered six offshore shareholders to sell a combined 1,678,895,780 shares to non-associates by July 2. Northern Minerals said a review of its July 10 register found that most relevant shares remained registered to the holders subject to the orders. It referred the information to Australia's Foreign Investment Review Board, or FIRB.
The interim directions bar the three companies from voting at shareholder meetings or exercising rights other than actions required to comply with the disposal orders or pursue court proceedings. Northern Minerals must refuse to recognize their votes. The restrictions remain until each holder complies. A separate April direction covering another 361,538,264 Hong Kong Ying Tak shares remains in force.
Northern Minerals is developing the Browns Range heavy rare-earth project in Western Australia. Its dysprosium and terbium deposits can be used in heat-resistant magnets, military equipment and robotics. Brisbane Times reported that the ASX-listed company's shares rose more than 7% after the regulatory action. Executive Chair Adam Handley said the restricted shares cannot vote; FIRB's review continues.
via Mining Weekly / Northern Minerals / Brisbane Times
On May 17, Chalmers ordered six offshore shareholders to sell a combined 1,678,895,780 shares to non-associates by July 2. Northern Minerals said a review of its July 10 register found that most relevant shares remained registered to the holders subject to the orders. It referred the information to Australia's Foreign Investment Review Board, or FIRB.
The interim directions bar the three companies from voting at shareholder meetings or exercising rights other than actions required to comply with the disposal orders or pursue court proceedings. Northern Minerals must refuse to recognize their votes. The restrictions remain until each holder complies. A separate April direction covering another 361,538,264 Hong Kong Ying Tak shares remains in force.
Northern Minerals is developing the Browns Range heavy rare-earth project in Western Australia. Its dysprosium and terbium deposits can be used in heat-resistant magnets, military equipment and robotics. Brisbane Times reported that the ASX-listed company's shares rose more than 7% after the regulatory action. Executive Chair Adam Handley said the restricted shares cannot vote; FIRB's review continues.
via Mining Weekly / Northern Minerals / Brisbane Times
