RE: Going in the right direction5 Oct 2020 16:03
Can't believe how big this could be. Put my toe in today. The Rns for another read.
MankayanProject
Highlights:
· a non-binding term sheet, subject inter alia to due diligence, has been signed by AsiaPhos Ltd h a company listed on the Singapore Exchange Securities Trading Limited (the "Singapore Stock Exchange" or "SGX") Catalist Board, to acquire MMJV Pte. Ltd. ("MMJV"), a 100 percent subsidiary of MMIH, by way of a reverse takeover transaction by the issue of AsiaPhos shares for the lower of i) Singapore $72M (approx. GBP42M) or ii) fifty percent (50%) of an independently Agreed Valuation (as defined below). If the Proposed AsiaPhos Acquisition (defined below) is completed then, under the terms of the Transaction between Bezant and MMIH, Bezant is due to be issued S$10m (approximately £5.6m) of shares in the listed entity holding MMJV.
· Extension of Exploration period under the MPSA to the expiry of the MPSA on 11 November 2021 and a reduction in expenditure commitments.
Colin Bird, Executive Chairman of Bezant, commented :
" We are pleased that the exploration period under the MPSA has been extended to its expiry on 11 November 2021 and that the expenditure requirements have been reduced. We are also pleased that MMIH are progressing with a proposed listing on a recognised stock exchange, the SGX being a suitable venue for the listing of an Asian asset. The Board will provide further updates to shareholders as and when appropriate. "
Full details of the Transaction were set out in the Company's announcement of 7 October 2019 and, unless otherwise defined herein, capitalised terms used in this announcement shall have the same meanings as given to them in such previous announcement. Completion of the Transaction was announced on 18 November 2019 with Bezant retaining a residual 20 per cent interest in the project via Asean Copper and an update was announced on 15 June 2020.
Bezant has received an update from MMIH regarding, inter alia, its preparations in respect of the proposed listing of MMJV, its wholly-owned subsidiary which holds its 80 per cent interest in the Mankayan Project, on the Singapore Stock Exchange via a reverse takeover transaction, the Exploration Period Requirements and funding commitments in relation to the MPSA and its operation of the Mankayan Project, as follows:
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