RRR: DRC Asset - Litigation Update US$10m claim vs £2.84m mkt cap6 Feb 2024 09:38
RRR yesterday update the market via RNS [Reach] and today, Tues, 6 Feb 2024, RRR's local associate has been "called" to stand by at Kinshasa. Without repeating the RNS and the last update [Regulatory News Service] dated 24 Jan 2024 it was said that the Arbitration Order needs signature etc, So, today, we should know the outcome if we are at the court in Kinshasa etc. A DEFINITIVE moment for RRR as this was an important asset of the co.
On the other RRR share forum, repeats are the same but one post is interesting in that if the Award is made , then it is logical that it could be pursued further as RRR's asset was sold on [refer to RRR Annual Report 2022 which I quoted yesterday]. RRR has stated that this is upon "LEGAL ADVICE" etc so kindly check.
On 2.2.24, RRR appointed a Strategy Consultant and will be seeking a new direction - hence why many have logically concluded that perhaps the litigation matter will be concluded hopefully. Whether Reach RNS of yesterday is preferred, I think the Nomad could have based this on 2 logical conclusions perhaps ie it is a repeat of 24.1.24 RNS and therefore an UPDATE is suitable. There were 2 views on this and the Consultant thought the RNS would be today. Perhaps the Nomad decided to err on caution, that if too much time elapses between hearing from Kinshasa and market opening, there could be informal news leaking from DRC. But in my view, both views are correct and where there is need for direction, AIM regulatory handbook states, the co must ask the Nomad. A balanced view & only 1 post today from me. Tues, 6 Feb 2024.