Singapore Exchange announcement divulges a 2018 ASIC investigation of Mineral Resources

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Singapore Exchange announcement divulges a 2018 ASIC investigation of Mineral Resources

An innocuous document lodged on the Singapore stock exchange has revealed Mineral Resources was formally probed by Australia’s corporate regulator following a closed-door investor briefing six years ago.

Singapore-listed Alita Resources on Tuesday announced the appointment of MinRes founder and chief Chris Ellison as a non-independent non-executive director.

The tiny ****** island nation has strict disclosure requirements that force incoming company directors to declare if an entity they have close links with has been investigated anywhere across the globe for a suspected breach of corporations law.

“In mid-2018, the *********** Securities Investment Commission commenced an investigation into MinRes in relation to a suspected disclosure of non-public information at an investor briefing, and its compliance with the continuous disclosure obligations under the ASX Listing Rules,” Mr Ellison’s Alita appointment announcement stated.

“At the end of the investigation, ASIC decided that it would not take any enforcement action.”

This ASIC investigation has never previously been publicly disclosed by MinRes.

The West *********** understands the ASIC probe related to a briefing Mr Ellison gave selected institutional investors at Morgan Stanley’s Melbourne office during July 2018.

MinRes’ shares spiked not long after the investor presentation, a presentation which revolved around the company’s Wodgina lithium mine in the Pilbara. At the time the mine was still under construction.

MinRes declined to respond to The West’s questions.

Mr Ellison’s move onto the Alita board was first flagged in March after his MinRes won a legal battle for control of Alita, cementing a $260 million purchase of the bankrupt company’s flagship Bald Hill lithium mine in the Goldfields.

The Bald Hill mine can produce about 150,000 tonnes of spodumene concentrate annually.

MinRes struck a deal in November with Alita’s liquidators — McGrathNicol — to buy Bald Hill and 9.9 per cent of Alita.

The $260m purchase was regarded by many commentators at the time as a bargain and it appeared MinRes and McGrathNicol had a close relationship.

But just a month after the duo shook hands a twist emerged. MinRes threw its weight behind a legal action by two Alita directors — Fergus Jockel and Paul O’Farrell — to oust the liquidators and form a new board with Mr Ellison.

MinRes argued the liquidators were unnecessarily draining cash from Alita.

The Supreme Court sided with MinRes to order the five-year administration and liquidation of Alita come to an end.

Yet, the Alita situation ******** messy. MinRes is currently embroiled in a court battle with the *********** Tax Office over a $203m tax bill Alita allegedly racked up.

MinRes took on the debt when it acquired Bald Hill.

Restructuring veterans Mel Ashton and Rod Sutton also on Tuesday officially joined Mr Ellison as board members of Alita.

Mr Ellison has been the boss of MinRes since it was established in 2006.

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