Lifting Zenmac’s cease-trading order

With its corporate house now back in order, Zenmac Zinc’s (ASE) cease-trading order is expected to be lifted shortly, its recent and unusually well-attended annual meeting was told.

The meeting was chaired by the company’s maverick exploration manager J.P. Sheridan. He was in fine fettle and answered numerous questions frankly. But Sheridan declined to discuss the company’s major lawsuit in the Supreme Court of Ontario against Minnova (TSE) other than to express his confidence in the outcome. He expects the trial to begin next April “or shortly after.” Shareholders asked questions relating to demand notes totalling some $2 million covering loans the company has made to affiliate Anyox Metals (ASE) and Madeleine Mines (TSE), money it raised through the sale of the bulk of its holdings in the latter. It still holds 1,019,500 shares of Anyox, which in turn holds 550,000 shares (12.4%) of Zenmac.