Hardy Resources Limited (ASX: HDY) made an announcement on 11 January 2018, informing that Australian Stock Exchange (ASX) has agreed to defer the de-listing of the company while it considers the company’s proposed remedial action.
The ASX, however, intends to provide its response in consideration of all factors by the close of business on Friday, 11 January 2019. The exchange is expecting to receive a detailed response from Hardy Resources Limited by 18 January 2019 (WST 10:00 am).
If the company does not provide any response by that time to ASX, or the exchange is not satisfied with the provided response of the company, then it has the right to remove and delist the company from the official ASX list without any further notice.
The company, however, as of January 8, 2019, has answered the queries of ASX in relation to the de-listing. As per the query of ASX to the company, they wanted to know if any Board member of the company is aware of any relationship between the additional parties and associates of Everblue. The company, however, replied in detail to ASX mentioning that they were aware of the controllers of the additional parties and the principals of Everblue knew each other socially and had previous business dealings with each other. However, the details of the nature and extent of these prior relationships were not known in detail.
Additionally, the company stated in relation to the Acquisition Agreements, that they were aware of a commercial relationship between the additional parties and the principals as on July 24, 2018, at the occurrence of a meeting between a representative of the additional parties and one of the directors of the company, Mr. Robin Armstrong. During this time Mr. Armstrong became aware that the parties involved are likely to participate in both the transactions; however, the company did not have any information and neither it is aware of any such information and commercial terms. However, ASX was not satisfied with this reply from the company and considered it as less candid.
The company in one of its past announcements, dated December 20, 2018, has provided an attachment to ASX regarding the ongoing ASX inquiry. The company briefed that it has entered into agreements where the company has acquired 100% of the issued capital Nelly Vanadium and Vanadium mining.
Now, let us quickly look at the performance of Hardy Resources Limited’s stock and the return it has posted over the last few months. The stock last traded at $0.003. The company posted a negative YTD return of 73.08% and a negative return of 53.33%, 12.50% and 30.00% over the last six months, three months and one-month period respectively.