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Royalco Resources Limited (the Company) advises that it has received a notice

under sections 249D and 203D (2) of the Corporations Act 2001 (Cth) which seeks

to convene a general meeting of the Company to consider a number of resolutions,

which if passed, would alter the membership of the board.

 

The notice, received from High Peak Royalties Limited (High Peak), proposes to

move ordinary resolutions summarized as follows:

1. to remove Mr. Peter Topham as a director of the Company;

2. to remove Mr. David Ogg as a director of the Company;

3. to remove Mr. Piers Reynolds as a director of the Company;

4. to appoint Mr. Peter John Diamond as a director of the Company;

5. to appoint Ms. Rowena Ailsa Sylvester as a director of the Company.

This would result in there being one continuing director (Mr Bruce Pertzel) and two

new directors, thus passing board control in favour of the High Peak nominees.

No clarity has been provided regarding who will run the company given that Mr

Topham is the Managing Director / Executive Chairman and is intended to be

removed from that role.

The Company will provide shareholders with further information and advise on

further steps in due course.

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Hi RCOers - looks like High Peak wants to do a cheap take-over?!?!??!?! :angry2: PT and the boys have generally done a good job and this call for a meeting is opportunistic. What HP going to bring that is not already there????? If they want RCO and the Weeks oil royalty why not bid for the company rather than trying to sneak in through the back door???? Definately a NO from me.

 

R/Ross

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  • 1 month later...

Noontide have now moved from 13.92% to 15.26% of RCO.

They also now own 13.7% of HPR who in turn own 19.99% of RCO.

This seems to equate to direct & indirect holding of 18%.

 

I keep seeing smoke.

Is there a fire of some description on the horizon?

 

Cheers

Dr_Dazmo

 

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  • 3 months later...

Hi All,

Bit of an update:

 

Noontide

16.4% shareholding in RCO

17.1% shareholding in HPR (owner of 20.91% of RCO)

6.2% shareholding in FZR (owner of 6.3% of RCO)

 

Therefore Noontide hold 16.4% of RCO directly plus just under 4% indirectly via HPR & FZR.

 

I'm still seeing smoke..

 

Cheers

Dr_Dazmo

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  • 1 month later...

Another shareholder update:

 

Noontide

17.4% shareholding in RCO (up from 16.4%)

17.1% shareholding in HPR (owner of 20.91% of RCO)

6.2% shareholding in FZR (owner of 6.3% of RCO)

 

Therefore Noontide hold 17.4% of RCO directly plus 3.966% indirectly via HPR & FZR.

Total "control" is now 21.366%

 

Cheers

Dr_Dazmo

 

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Hi Mork,

I wouldn't be surprised to see the three companies consolidated at some stage.

Logically there appear top be relatively good administrative savings to be had!

Having said that, no-one is ever keen to give up "their patch".

 

Admin costs for 9 months to 31/3/16

RCO $667K

HPR $1.017m

FZR $419K

Total $2.103m

 

Royalco - Market Cap $11m, Cash (31/3) $3.163m (28.75% of MC)

High Peak - Market Cap $11m, Cash (31/3) $1.301m (11.83%)

Fitzroy River - market Cap $18m, Cash (31/3) $9.547m (53.04%)

 

Total Market Cap $40m - Cash $14.01m (35% of total MC).

 

Cheers

Dr_Dazmo

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Thanks for that. The three combined as a leaner company and some real cash looks goods to me.

 

At one stage i thought HPR was going to have a tilt at RCO, but i think its more likely to be the other way round now?

 

Be interested to know how involved noontide are in all this, or whether they are a passive investor waiting for a possible consolidation?

 

Cheers

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