Good morning everyone,
Briefly, regarding yesterday’s announcement that ‘TNG Acquires Lithium Project’ (ASX):
- In 2017 TNG completed a demerger of its base metal assets in the Northern Territory, following a strategic review. The prospectus to the newly formed Todd River Resources (TRT), states that TRT would then hold “a portfolio of quality assets in the Northern Territory considered by the Board to be highly prospective for base metals (Zinc, Copper, Lead) and other non-specific elements including but not limited to Gold, Lithium, Tin, Tantalum and graphite”. Upon completion of the $6m IPO, TNG referred to TRT as its “base metals spin-off”.
- The acquired tenement packages include the Western Block – Exploration Licence Applications (ELA) 33090 and 33094 through 33100; and the Eastern Block – ELAs 33102 through 33106. The holder of these ELAs was Norman McCleary. The relevant title searches are included as attachments below. Regarding payment of $25,000 per granted licence (being $325,000 in total), TNG stated that consideration would be “paid on transfer”.
- On 26 August 2003, HotCopper (HC) user “Norm” self-identified as Norm McCleary, who was subsequently dubbed “the midnight pegger”. The relevant post can be found using the advanced search function on HC, andhere.
- Between 24 July and 8 August, and having not been active on HC since March, Norm posted ~70 times on the TNG thread. There are many comments directed at me that are defamatory. These are available here.
Shareholders are encouraged to draw their own conclusions from these disclosures, all of which are in the public domain.
My own view is that yesterday’s announcement is a further illustration of the crisis in governance that is now consuming management at TNG.
The most effective means of changing management is to VOTE FOR, and to do so before Monday of next week.
Proposed Chair of TNG Limited
Link to Title Summary Reports