Disposal of Italian Interests12 Mar 2018 12:00
"Under the Disposal, Sound Energy would agree to dispose of 100 per cent. of the issued ordinary share capital of SEHIL, the Company's wholly owned subsidiary which holds all of the Company's Italian Interests through APN, but would retain its economic rights to receive the proceeds of the sale of Badile land owned by APN (the "Badile Land"), which had an unaudited carrying value of �1.6 million as at 30 June 2017, and the benefit of expected APN Italian VAT receivables to the end of 2017 totalling EUR4.0 million linked to Badile drilling costs (the "VAT"). Under the Disposal, Saffron would undertake to remit the net proceeds of the Badile Land and the VAT to Sound Energy on receipt by APN. "
When does SOU receive this money? Surely it would assist with funding or has it already been factored in?
Genuine question.