![]() The statement continued that AVZ “has and continues to comply with the Company’s disclosure obligations under the Corporations Act and the ASX Listing Rules.”ĪVZ Minerals has not reported any legal representation for the class action, while the company shareholders have hired Australian firm Johnson Winter Slattery.Īccording to Omni Bridgeway, shareholders who bought AVZ shares between 17 March 2021 and are currently eligible to sign up for the class action. It will claim that, consequently, the value of the shares was artificially inflated due to the information withheld from public disclosure.ĪVZ said in a statement on 23 December 2022: “No proceedings have been served on AVZ in connection with Omni Bridgeway’s announcement, nor has Omni Bridgeway or lawyers connected with Omni Bridgeway made any contact with AVZ.” The class action will allege that AVZ broke its obligations under the Corporations Act and the Australian Stock Exchange Listing Rules to tell its shareholders about the Jin Cheng Mining stock transfer and the valid shares certificate held by Dathomir. However, on it was reported that Cominière had transferred a 15% stake in Dathcom to Jin Cheng Mining Company, and a claim by Dathomir for 15% of the shares in the operation came to light after a DRC tribunal approved the validity of its share certificate. Two additional companies, Dathomir Mining Resources SARL and a DRC entity, La Congolaise D’Exploitation Minière ( Cominière ) also hold stakes in the project.ĪVZ claimed to have “rights of first refusal” over additional project equity, and on 18 July 2021 released a statement that it had secured 75% of the project. Perth, Australia-headquartered AVZ holds its stake in the Manono project through a wholly owned subsidiary, which holds equity in Dathcom Mining SA, the company which currently has 100% ownership of the operation. Its shares were suspended voluntarily from the Australia Stock Exchange on and remain suspended at the time of writing. Shares in AVZ plunged 21% from USD 0.99 to USD 0.78 by close of trading on, after the group responded to “media speculation” on matters affecting its stake in the Manono project. The class action alleges AVZ neglected to pass along vital information to shareholders, resulting in a financial loss, and will be funded by litigation finance company Omni Bridgeway. Shareholders of mineral exploration company AVZ Minerals (AVZ) are set to file a class action against the Australian mining group over a dispute linked to the Manono Project, one of the largest global lithium-rich pegmatite deposits in the Democratic Republic of Congo, which provide lithium, caesium and tantalum. If you need professional advice regarding investments, please consult a licensed financial provider before making any decisions based on the general information or opinions shared on this website.An Australian mining company faces a shareholder class action over an alleged failure to disclose corpora.Īn Australian mining company faces a shareholder class action over an alleged failure to disclose corporate details of its mining project in Democratic Republic of Congo. AVZ Minerals Limited is an Australia-based mineral exploration company. The website shall not be liable for any damages or expenses caused by the comments or the use of this website. The opinions expressed in the comments are solely those of the individuals posting them and not necessarily the views of The Stock Exchange Forum or its agents and affiliates. The website does not filter, edit, publish, or review the comments before they are posted. The posters might be anonymous or impossible to identify, so you may not be able to recover losses or access the ASIC-approved dispute resolution processes by relying on the posts. However, all the information shared on this website is just an individual's opinion, and none of it should be considered as licensed advice. This website is a platform for people to exchange opinions and information about various topics, including investments. ![]() © The Stock Exchange Forum ABN 54 024 067 499 ![]() Community platform by XenForo ® © 2010-2021 XenForo Ltd.
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