Ormonde Mining PLC - Irish natural resource company - Says it was unable to finish the proposed acquisition of a majority stake in some copper mining licenses in the Republic of the Congo. This is due to the counterparties demanding "more onerous terms for the transaction", Ormonde says, which hurt the accretive potential of the transaction. As a result, all discussions have been terminated.
"Regrettably, the company has been unable to finalise binding terms agreeable to all parties and we therefore have had no choice but to concentrate our resources elsewhere. Management is now working with the board to review a number of other transactions for the business or alternative strategies, which could deliver shareholder value and reward our shareholders for the patience shown to date," says Executive Chair Jonathan Henry.
Current stock price: 1.18 pence, down 16% on Tuesday
Year-to-date change: down 33%
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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