Victory Mines Limited (ASX: VIC) is into focussed exploration, with an objective of adding shareholderâs value through the advancement of projects and using high standards for conducting exploration. Based out of Australia the company has subsidiaries including Victory Exploration Pty Ltd and South American Tin Limited.
The company recently provided an update related to the announcements of ASX dated November 23, 2018 and December 11, 2018 respectively regarding the release of its suspension from trading.
The company previously expected to make an announcement to the market by January 2, 2019 to end the period of voluntary suspension. However, as per the ASX announcement dated December 11, 2018, they will not lift the suspension in trading of the securities of the company unless the company resolves the affairs related to Hardy Resource Limited and clarifies it to the ASX.
Victory Mines updated that it has not yet received any correspondence from ASX on the same and will update the market accordingly, however, once it gets any, the company believes and hopes to receive confirmation that ASX has no further queries and will make an announcement for the release of the suspension from trading.
In the recent past, dated December 14, 2018, the company had updated on the ASX queries related to late lodging of Appendix 3Y, arrangements related to disclosure under listing rules 3.19 A and 3.19 B, and steps to meet the compliance with these rules in case of failure to meet it initially. The company, however, explained that the Appendix was lodged late due to an administrative oversight. As of December 12, 2018, Ms. Aida Tabakovic, the company secretary identified and discovered while reconciling the issued capital register of the company that 33,333 options held by Mr. James Ellingford has expired. However, it was immediately lodged upon the identification of the error.
Moreover, the company communicated that its Directors are completely aware of any disclosure obligations related to Listing Rule 3.19A. Under the share trading policy of the company, the Director must avail permission and notify the company secretary about any trading in the securities of the company within a maximum deadline of five days from the date of trading, so that the secretary can comply with the ASX rules and notify for any change in interest by any director. The company also believes to have adequate arrangements with its Directors for the purpose of Listing Rule 3.19B.
However, the trading policy of the company being primarily directed to trading in securities does not expressly contemplate any notification requirements with respect to options expiry, but it has ensured to inform any related parties regarding any expiry in advance through its internal procedure.
Now, let us quickly go through the performance of Victory Mineâs stock and the return it has posted over the last few months. The stock of VIC last traded at $0.005. The company posted a negative YTD return of 64.29% and produced a negative return of 66.67% and 54.55% over the last six months and three months, respectively. It has a 52-week high price of $0.029.
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