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  • 5 weeks later...

BKP fighting back - good to see. Also some interesting comments regarding comments made on Hotcopper and by Jason Brewer.

General Meeting to be held 10 August - should be interesting.

 

Baraka strikes back

Baraka Energy & Resources Limited (ASX:BKP) (Baraka or the Company) has

instructed its share registry to serve 672B notices on all Bank, stockbroker and all

other nominee accounts to disclose the beneficial owners of their holdings now,

and up to the general meeting.

 

Baraka has taken this action as a result of some concerning and suspicious

trading in its shares. In particular, closing trades for insignificant holdings as well as

volume trading with no net change in holdings by stockbroking firms previously

associated with the requisitioning parties.

 

Baraka has also taken this action as a result of disclosure from research on the

requisitioning parties who have requested the shareholder meeting of Baraka to

remove the board of Baraka, and replace them with their nominees, one

nominee being a Director and shareholder of one the requisitioning parties.

 

It has come to light that five of the 6 requisitioning parties as noted below:

 

GTT Global Opportunities Pty Ltd, Syracuse Capital Pty Ltd <Tenacity A/C>,

Syracuse Capital Pty Ltd <The Rocco Tassone Super A/C>, Murdoch Capital Pty

Ltd <Glovac Super A/C>, Mounts Bay Investments Pty Ltd <Calver Capital A/C>

and Hustler Investments Pty Ltd (Requisitioning Shareholders).

 

Were together with Applabs, another associated company of the parties,

investigated by the Takeovers Panel in relation to activities and share holdings in

Sovereign Gold Ltd, which made a declaration of ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Â¦ÃƒƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“unacceptable circumstancesÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚ÂÂ

and required the parties to divest shares amongst other things.

 

The investigation of the panel, which is publicly available, was extensive and

disturbing with statements from the panel including, but limited to:

 

The parties acted in concert and are associated ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Â¦ÃƒƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“for the purpose of controlling or

influencing the composition of Sovereign GoldÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s boardÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚ or ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Â¦ÃƒƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“in relation to the

affairs of Sovereign GoldÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚ÂÂ.

 

The findings also noted other factors such as the unacceptable conduct of the

associated parties, and acting for a common purpose of obtaining control of the

board of Sovereign Gold. Sovereign Gold has since had severe market disruption

and changed names to Force Com Ltd (4CE).

 

Additionally, the Company investigations disclosed the sad outcome of a

number of listed companies the group have been involved with, such as but not

limited to XTV Networks Limited (previously Intercept Minerals) which remains

suspended and is unlikely to return to the ASX, and Applabs (previously AACL

Holdings) which was suspended and subsequently delisted in January of 2018.

 

Baraka agreed to a placement with GTT Ventures Pty Ltd a licensed AFSL holder

in good faith with written undertakings regarding the placement, that being

spread and association of the placement parties for the placement of 300m

shares at $0.002 cents.

 

As at the time of writing, some 180m of those shares have been sold into the retail

market, having commenced immediately after the Company Halt for the

placement was lifted. Indeed trades have been recorded by the requisitioning

parties and we will consider the substantial shareholder notifications in regards to

those trades considering the initial 603 notice was late.

 

Baraka would like to be clear that we are not concerned about the quantity of

shares currently held by the group or its known associates breaching any

takeover limit, but since the announcement of the requisition another aspect is

being considered by Baraka in as much as the groups previous conduct, and

hiding shares in nominee companies as disclosed by the Takeover Panel. In

addition pods of shares being acquired by known work associates of one of the

nominees, and others associated with the group including stockbroking firms that

may be considered acting in concert to remove the board and or influence the

board as per the Panels declaration.

 

It was also unfortunate that one of the Nominees Mr Jason Brewer found it

necessary to denigrate Baraka and its board on his personal face book page,

and Baraka had no choice but to remind Mr Brewer on his face book which we

would not normally do and invade a private persons space, about his

unfortunate period as a Director of Black Mountain Ltd (BMZ) and elected not to

go into the narrative of the numerous events or circumstances. We have since

had a response from Mr Brewer that he would like to meet and we have agreed

to that request, as we did for other members of the group without any successful

outcome.

 

Baraka has been mercilessly attacked and subjected to false and derogatory

comments on a forum called Hot Copper and other forums, with similar

vocabulary, which was and is totally unwarranted. Since a warning was put out,

that there was a possible investigation by the regulatory authorities of those

messages being possibly from ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Â¦ÃƒƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“Paid for PostersÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚ÂÂ, the tirade seems to have

become more muted, although a recent post was added that was disgracefully

dishonest and we have advised Hot Copper we want to pursue that defamatory

poster.

 

We once again express our concern about the previous activities of the group

and call on our shareholders to vote AGAINST all resolutions.

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it's like watching Jardin v. Jardin in Bleak House

by the time the regulators/bourse/brokers and solicitors are done with this

thing it'll disintegrate any sense of numeric or entrepreneurial value

2.7BB scrip at auction .......not a cheap shell

it is extremely rare that averaging works on these stocks......as a trap, yeah, rates top odds on happeningbut in this market the 100k players rort the auction and extract all the available liquidity stranding late commers

 

 

edit: as a side note, this is not a knocking of the company, whatever your thoughts on the board are,

merely, my thoughts, as a 3 decade + trader i can tell you the game of hook n strand never changes regardlessthe abundant enthusiasm and positivity, which should never be confused with what the game is about: making money from money!

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The outcome of these proceedings - if they go ahead - will be interesting, considerin the attempted Sovereign Gold SOC t/o by GTT and the subsequent findings by TOV in that matter - http://www.takeovers.gov.au/content/Displa...ns/2016/012.htm

 

Baraka Energy and Resources Limited ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã‚¡ÃƒÆ’‚¬Ãƒâ€Â¦ÃƒÆ’¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã¢â‚¬Å“ Panel Receives Application

The Panel has received an application from GTT Global Opportunities Pty Ltd in relation to

the affairs of Baraka Energy and Resources Limited. Baraka has convened a general meeting

on 10 August 2018 in response to a notice under section 249D1 from the applicant and other

shareholders to consider resolutions to remove all current directors and appoint three new

directors.

 

Details of the application, as submitted by the applicant, are below

 

A sitting Panel has not been appointed at this stage and no decision has been made whether

to conduct proceedings. The Panel makes no comment on the merits of the application.

 

Details

The applicant submits (among other things) that there has been a contravention of section

671B as a result of undisclosed associations between shareholders with a combined holding

of 5.96% of BarakaÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s issued share capital.

 

The applicant also submits that there are unacceptable circumstances arising from

ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Â¦ÃƒƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“favourableÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚ heavily discounted placements to friendly shareholders and uncommercial and

undisclosed related party transactions, commencing in late 2011 and continuing to date.

 

The applicant seeks interim orders including orders restraining alleged associates from

voting or selling shares or converting options and orders restraining BarakaÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s board from

taking certain actions.

 

The applicant seeks final orders including orders requiring disclosure of association and

vesting of shares in ASIC for sale.

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Have you not looked at the shareprice...past and present?

 

Yes I have - pretty poor performance - no argument there from me.

 

However, I've also taken a deep look at the new mobs performance - past and present - and I'm not impressed with them either.

 

Do you really think the new mob are going to look after current shareholders or themselves and their associates? By the time they vend their project, raise capital, appoint advisers, give themselves/advisers heaps of shares/options what do you think retail investors buying into the "new" story will get?

 

No doubt it's another DRC acquisition, which IMHO have been flogged to death and will come crashing down to planet earth pretty soon. But, in the meantime there's money to be made by those flogging, those in the know and those punters who know when to get off before the music stops. As usual, the naive punter will be left holding the bags. So depends where you sit.

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Round one - BKP 1, GTT 0

Baraka Energy and Resources Limited - Panel Declines to Conduct Proceedings

The Panel has declined to conduct proceedings on an application dated 1 August 2018 from GTT Global Opportunities Pty Ltd (GTT) in relation to the affairs of Baraka Energy and Resources Limited (see TP18/56).

 

Baraka has convened a general meeting to be held on 10 August 2018 in response to a notice under section 249D1 from the applicant and other shareholders to consider resolutions to remove all current directors and appoint three new directors.

 

GTT submitted, among other things, that shareholders with a combined holding of 5.96% of Baraka's issued share capital had formed an association which had not been disclosed under section 671B.

 

The Panel considered that GTT had not provided a sufficient body of material to justify the Panel making further enquiries as to the alleged association. The Panel also considered that GTT had not made its application sufficiently promptly to the extent it was seeking a decision before the general meeting.

 

The Panel concluded there was no reasonable prospect that it would make a declaration of unacceptable circumstances. Accordingly, the Panel declined to conduct proceedings.

 

The sitting Panel was Bruce Cowley, Sarah Rennie and Nicola Wakefield Evans (sitting President).

 

The Panel will publish its reasons for the decision in due course on its website.

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Looks like management have hoisted the white flag - GTT won

 

No mention of past failures - just recent sucesses. At the rate JB churns out these projects, shareholders won't have to wait too long before they know what's being served up. Makes you wonder how one man can spread himself across so many projects at the same time, and provide each one with the level of service required. He was also appointed to the MSE board recently.

 

Both Jason Brewer and Patric Glovac have a strong recent history of investing in and

assisting companies in acquiring mining projects for listed companies that deliver

significant returns for shareholders. Recent examples include AVZ Minerals Limited

(ASX:AVZ), Lepidico Ltd (ASX:LPD), Force Commodities Limited (ASX:4CE), Winmar

Resources Ltd (ASX:WFE), Cape Lambert Ltd (ASX:CFE), Vector Resources Limited

(ASX:VEC) and more recently TAO Commodities Ltd (ASX:TAO).

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  • 1 month later...

Seems to be a regular way of doing business for GTT, and a few others in WA. AX8 is the latest - will Jason Brewer be appointed to AX8

 

Some boards rue the day they made GTT Ventures their fundraiser

 

But it's not even the only time GTT has pulled a stunt like this. It successfully outed the board of Baraka Energy & Resources in August, after having raised money for the company only in April
.

 

https://www.afr.com/brand/rear-window/some-...20180926-h15whv

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