Corporate: Gasfields gives up legal fight; ASX serves marching orders

Three weeks ago, Gasfields (ASX:GFS) went as far as trying to sue the ASX to stay on the bourse. But yesterday it abandoned its legal fight and was kicked off the ASX this morning.

The company was first suspended in March 2018 and was in dispute with the ASX over several matters, particularly disclosure of material matters and failure to lodge reports.

Gasfields denied wrongdoing and when the company was initially told it would be delisted, it launched a lawsuit. The company called for reinstatement and a declaration that the ASX denied the company procedural fairness and acted unconscionably.

The ASX reinstated Gasfields in the interim but axed them only hours after the case’s cessation.

In the three weeks since then the company replaced its company secretary and paid outstanding fees to the Botswana Exchange. It was formerly dual listed in Botswana, where its coal bed methane projects are based.

Stockhead has contacted the company for comment.

In other ASX corporate news today:

The board of Singapore-based entreprenuer coach iBosses Corporation (ASX:IB8) is down to one director after the remainder quit en-masse. Kay Heng Lau, Rod North and Piah Buey departed yesterday, leaving the company with just CEO Patrick Khor. The company has been suspended since July 2017, initially due to unlodged accounts but then several of its deals failed. It told shareholders it was looking for replacement directors.

Silver City Minerals (ASX:SCI) announced it had received a requisitioning notice, seeking to remove three directors (Josh Puckridge, Darren Wates and Thomas Pickett). The company said it was considering the validity of the notices.

And three weeks after also receiving a requisitioning notice, copper miner Horseshoe Metals (ASX:HOR) has questioned the motives of the rebel shareholders. The company argued the board’s collective expertise meant they were best to move the company forward in light of the positive outlook for copper.

“Your current board consists of an experienced finance professional, an experienced geologist and an experienced metallurgist who have intimate knowledge of this asset and the market,” Horseshoe said. “We feel given the skills of the existing directors…they are best placed to get the best outcome for shareholders. [A] wholesale replacement of the board puts this in jeopardy. Do not risk this.”