Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
They were sold, and identified as such at the time hence the injunction. It was the unknown ownership of the remainder (along with it being a significant holding) that was the issue.
My understanding is it is all resolved with no loose ends.
And add on the other assets. Ghagoo, for example, although problematic is absolutely hummungous, biggest £ by far I reckon, even 10% is a massive deal for us, and it could be put into production very quickly.
https://twitter.com/StockBoxMedia/status/1511273799718735874?t=NJhmRJNjNPUNIzOAmyHhow&s=19
Yep that is preferable. I really hope VAST back out and another party steps in. VAST is badly run, unreliable, with a shocking bod, and almost certainly going pop. Although bizarrely, Ghaghoo, if they pull it off, could save it !
So, the agreement ...
The Purchase Price is payable in two instalments. The first payment is US$2 million and is due five days after all suspensive conditions have been fulfilled. The second payment is due by 23 December 2021, or five days after all suspensive conditions have been fulfilled if later.
· Completion is subject to a number of suspensive conditions being fulfilled by 31 January 2022 unless otherwise agreed between the parties including:
o Written confirmation from a bank acceptable to Gem Diamonds guaranteeing payment of 80% of the Purchase Price
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So unless altered tetms have been agreed (necessitates an announcement) then the deal must complete by 5th Feb. But, reasonably, we could expect updates on progress before that.
As previously noted by others, VAST do not look capable of completing the deal. AP has said he is/was in discussions with 3rd party financiers (i.e. VAST not directly funding the deal) . If a third party was to go ahead, and with VAST on the brink, it would surely only be with someone on the sidelines ready to step in, or with their faith in BOD to take it on completely, should VAST fail ?
The production update due from VAST next month might be the make or break for them, and therefore the Ghaghoo deal, at least in its current form.
Any other views ?
A fair bit of selling recently and the price is back under a penny, annoying but good for topping up. Folk losing patience perhaps. But like many here, I'm holding in the expectation of stunning news, any day now, and a significant bounce up. Fingers crossed, but either way, there are plenty of other opportunities in the pipeline for BoD.