The Bellevue Gold Ltd (ASX: BGL) share price is one to watch in early trade after the Aussie gold miner resolved its auditor appointment.
The post Why the Bellevue Gold (ASX:BGL) share price is on watch appeared first on The Motley Fool Australia. –
Why is the Bellevue Gold share price on watch?
Bellevue Gold yesterday said it had succeeded in its Supreme Court of Western Australia court hearing. The company’s shares have been in a trading halt as it resolves issues around the appointment of its previous auditors.
The Aussie miner was seeking to “rectify the administrative oversight” related to the appointment of Grant Thornton. That largely centred on the company’s failure to seek shareholder approval for the appointment at an annual general meeting (AGM).
The court yesterday found that the appointment of Grant Thornton as auditor from 20 November 2018 to 2 February 2021, when Ernst & Young were appointed, is not invalid and does not constitute a contravention of the Corporations Act 2001 (Cth).
Yesterday’s update means the court has now granted orders to amend these auditor appointment matters and cleansing notices. Bellevue failed to have approval granted at the 2018, 2019 and 2020 AGMs. However, the court found that this did not invalidate Grant Thornton’s appointment.
The Bellevue Gold share price has been frozen since Friday 26 February. Shares in the Aussie gold miner have slumped in 2021 and will be worth watching this morning.
Despite a rocky start to the year, Bellevue shares remain up 30.9% in the last year and 3,500% over the last five years.
The Bellevue Gold share price is one to watch this morning as the miner’s shares return to trade. Bellevue shares have fallen 38.5% in 2021 to 72 cents per share as at Friday 26 February’s close. Gold investors will be watching the mid-cap stock closely after its one-week absence when the ASX boards open up today.
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Motley Fool contributor Ken Hall has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.