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About ASX query raised via letter dated 21 December 2018, mineral exploration company Helix Resources released its response on Monday, 31 December 2018.

On 21 December 2018, Helix Resources Limited (ASX: HLX) notified a change in director’s interest of Messers Michael Wilson, Jason McDonald, and Peter Lester. But the lodgement was delayed by two days as per the ASX listing guidelines. Therefore, the regulator had asked the company to explain why Appendix 3Ys were lodged late?

In response to this ASX query, Helix stated that the late lodgement of Appendix 3Ys occurred due to an administrative oversight by the Company Secretary. As a result, the lodgement was delayed by two days. It further added that the appendix was lodged as soon as the oversight was noticed.

The change declared in director’s notice was concerning the issue of options as mentioned in 2018 AGM notice, and the company’s shareholders duly approved the issuance of these options, Helix further explained.

ASX raised the second query that What arrangements does HLX have in place under Listing Rule 3.19B with its directors to ensure that it can meet its disclosure obligations under Listing Rule 3.19A?

Helix Resources clarified that it has adequate procedures in place whereby directors notify the Board and Company Secretary of any trades that occur and the change in the notice if disclosed to the ASX. It further stated all directors are educated upon joining the Company as to their responsibilities in respect of their disclosure obligations, and moreover, the regular reminders are reportedly provided at all board meetings.

In the last question, Australian Securities Exchange asked Helix if the current arrangements are inadequate or not being enforced, what additional steps does HLX intend to take to ensure compliance with Listing Rule 3.19B?

To ensure compliance is adequate, Helix believes that its current processes are satisfactory enough. The company further noted that the above-stated delay is a one-off oversight, as displayed by the more recent disclosure of director interest made to ASX.

Based in Australia, Helix Resources Limited operates as a metals and mining company. It is principally engaged into the iron ore, gold and base metal exploration across Australia and Chile.

In today’s trading session, Helix Resources’ stock traded flat at $0.030 on 02 January 2018. Over the past 12 months, HLX has fallen 25% including the plunge of 18.18% in the past three months.


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