RE: Proactive update21 Jun 2023 21:59
Blueboy you guys are f##### lazy 😁😁
Read this from 5th of august rns,long reading but worth reading:lol
Red Rock Chairman Andrew Bell comments : "As many will know, we recently returned from a trip to the DRC of over 6 weeks, the primary purpose of which was to participate in arbitration proceedings in Kinshasa where we are pursuing claims to our share of the sale proceeds of the key assets of a joint venture, which were disposed of without our knowledge.
$15m of these proceeds are held by the buyer of those assets pending the result of the arbitration.
In the light of shareholder speculation, we wish to set out to the best of our understanding the current situation.
After several hearings, which clarified the factual background, the arbitrators urged us and the other party to negotiate between ourselves before the arbitration concluded to arrive at, if possible, an agreed outcome.
A compromise, which represented a significant discount to what we believe to be our entitlement, but which exceeded 50% of the amount still retained by the buyer, was put to us and in the circumstances where we believed it was accepted by the other party and in deference to the wishes of the arbitrator at that time for an agreed solution, we were minded to concede, though with reluctance.
Subsequently it appeared that the representative and negotiator of the other party had either lacked authority or had changed his mind, and the negotiation ended without agreement. We now continue to assert our claim to over 50% of the total $20m principal paid or to be paid, plus damages.
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