There are quite a few useful articles if you search for oxus. Hope this helps. GL
Oxus Gold plc to sell its stake in AGF to Uzbek shareholders Tashkent, Uzbekistan (UzDaily.com) --Oxus Gold plc has agreed to sell its entire 50% shares in the Amantaytau Goldfields joint venture (AGF) in Uzbekistan to the Uzbek partners. The agreement in principle is the result of discussions between its wholly owned subsidiary, Oxus Resources Corporation (ORC), and the Uzbek shareholders of AGF.
As a result of these discussions, the Uzbek shareholders have agreed, in principle, to acquire ORC’s 50% shareholding in AGF for cash, at a price to be agreed.
The Directors of Oxus will only recommend a disposal of ORC’s interest in AGF if the price agreed in their opinion represents fair value to the shareholders of Oxus.
Whilst the negotiations to dispose of ORC’s shareholding in AGF progress, AGF will continue to process ore from its stockpile at Nukrakon.
In the event that ORC reaches agreement with the Uzbek shareholders to dispose of the shares in AGF, then such disposal would require the approval of the shareholders of Oxus.
In addition the company would become an Investing Company as defined in the AIM Rules for Companies and, as such, it would need to advise shareholders of the Company's investing policy and obtain approval for that policy.
It is currently proposed that the Company's investing policy would be to generate an attractive rate of return for shareholders, predominantly through capital appreciation, by taking advantage of opportunities to invest in the mining sector outside Uzbekistan.
Griff, I've only just read your previous post about an initial very low out-of-court offer being made to Oxus. How interesting...when was that? Was it completely undisclosed...any best guess or otherwise at what that offer was pitched at and turned down.. thanks..
"Richard Wilkins, CEO of Oxus, stated 'I am very satisfied that this matter has now been dealt with. This arbitration represented the last of the various costly litigations that have distracted Oxus in recent years. The transaction with KazakhGold recovered our expenditure on Jerooy, and this settlement generates additional recovery. We avoid the prospect of a long drawn-out claim, and we have retained the potential upside of the deferred consideration if KazakhGold were to become involved in the development of the Jerooy project. "
The obligation now falls to Polyus (ie. Kazakhgold nominee).
In other words, Oxus will only benefit if Polyus win the tender.
interesting to hear a different story on jerooy but what evidence do you base this on, is there any scripting you can directly link your words. Myself included are under a different impression which has come from the "oxens" mouth yesterday, yes opinions count, are you based in the uzbek country, from what i have read and posted links from oxus reports it does not matter who wins the tender auction as oxus will be paid out, why else would the directors put their glass eye on the table.
I know there was no arbitrational settlement, however the settlement was reached to enable oxus to withdraw its arbitration it was also agreed whilst the arbitration was underway, this means that if kyg don't live upto this agreement it will be back to unicitral and they won't have a hope in hell of winning. As to the details of any agreement we simply don't know what they are except that oxs might gain upto 80m if polyus take the contract. However the agreement will be watertight
Nothing was agreed, there was no arbitration settlement, the case was dropped.
Oxus accepted a payment of around 2 or 3 million to drop the case. We do not know if this payment was from the Kyrgyz government or a third party but whatever the case, the Kyrgyz government have no obligation to Oxus no matter what happens with the Jerooy licence.
Your probably right, but in truth we don't know what was agreed under the unicitral supported settlement. It could even be that the kyg govt has agreed to pay oxus say 5m if they agree to cancel all post and future agreements re jerooy, just to clear the air totally and completely for all involved. We simply don't know
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