RE: Windfield26 Jun 2022 09:49
Also from page 56
On 20 May 2021, the Company announced that it has entered into a conditional Share Sale Agreement
(“SSA”) to increase its effective interest in the Hamersley Iron Ore Direct Shipping Ore Project, situated
in the world-class Pilbara region of Western Australia from 51% (with the remaining 49% held by
Windfield) to over 90%. The Project consists of 2 granted exploration licenses, the Han**** and
Brockman licenses.
• Pursuant to the SSA with Windfield, the Company will acquire an 80% interest in Windfield, thereby
bringing Alien’s direct and indirect holding in the Project to 90.2%.
• The Company has agreed to acquire Windfield on the basis that its sole asset will be the interest in the
Project and on a nil net cash basis. The Upfront Consideration payable for the transaction is set out
below subject to satisfaction of the conditions precedent including Alien conducting legal, financial
and operational due diligence on Windfield and being satisfied, in its discretion, with the outcome of
that due diligence:
a. £60,000 cash (less any Set Off Amounts);
b. 200,000,000 of the Company Common Shares of no par value issued at a deemed price of 1.1 pence
each (“Deemed Issue Price”); and
c. 50,000,000 share purchase warrants, exercisable at 1.65p to the Deemed Issue Price payable to the
advisers to the transaction.
It sounds like it's Aliens due diligence holding up the acquisition of Windfield. It's been over 13 months. Windfield are a tiny company in contrast to even Alien. What could possibly be the hold up.
I notice the payment is 200m shares at 1.1p and 50m warrants at 1.65p. Could it be that they are waiting for the SP to rise to be able to justify the agreement rather than renogiate at lower than 1.1p.
Just pondering as this process seems to be taking an age and confirmation of the deal would probably get the SP over or at least close to 1p. Any thoughts?
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