Goldinvestor7's Recent Post Ignores 'Egyptian Condition'13 Sep 2024 16:08
Be aware those who read goldinvestors7 post and think this takeover is done
goldinvestor7 stated " So with due diligence cowichans $100 million owed turned out to be nothing. It would not of got past due diligence otherwise. "
Not true. The specifics behind the $100 million demand had not been formalized - thus it is in limbo. Now such an amount may not be enough to thwart Anglo - but they did care enough to demand the get-out-of-Egyptian-jail card be added to the takeover contract.
It states:
the Egyptian Condition is specifically drawn to the attention of the Centamin Shareholders. AngloGold Ashanti considers that if any of the circumstances contemplated in the Egyptian Condition were to occur, this would fundamentally undermine the rationale behind the Transaction and, therefore, AngloGold Ashanti does not intend to implement the Transaction if any such circumstances materialise. The Egyptian Condition has been included at AngloGold Ashanti’s request, for the reasons stated above and to take account of the particular circumstances of the Transaction.
Egyptian Condition
5. The Egyptian Government (as may be represented by the Ministry of Petroleum and Mineral Resources or another appropriate official representative, body or office) not having taken or made, or having threatened that it intends to take or make, any action or decision to: (i) prohibit or otherwise object to the Transaction; (ii) impose material additional conditions or obligations on AngloGold Ashanti and/or Centamin in connection with the Transaction;
end
$100 million in back payments due would constitute an 'additional obligation' but again maybe not enough to kill the deal -
- if the deal is cancelled, insiders like Horgan, BOD etc. will have ways (albeit illegal) to capitalize on the news (i.e. sell high) before the share price falls
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