RE: Creative value seen in undervalued26 Jan 2020 09:02
Drop dead date = 31st Jan. News expected.
This has been extended from 31dec so hopefully we should hear .. has anyone heard of a drop dead date being extended again ? It is a final decision date.
In trade and contract law, a drop dead date is a provision added to a legal or trade act, such as a contract or a court order. Such a provision sets a last-delay date past which certain consequences will automatically follow, such as cancelling the contract, taking property or entering a judgment
Fura has given New Energy written notification of the extension of the Drop Dead Date, for closing of the ruby assets sale transaction with Fura Gems under the Amending Agreement from December 31 2019 to January 31 2020.
This allows for the satisfaction of the outstanding conditions model, principally the receipt of a binding tax opinion from the tax authorities in Mozambique and ministerial approval.
The timing of receipt of the tax opinion and ministerial approval are outside the control of New Energy and Fura.
However, both companies and its advisors in Mozambique are actively engaging with the Mozambican authorities on these outstanding approvals.