RE: Re-rate is now inevitable21 Apr 2023 11:39
wow up 12.5%
This document sets out details of the proposed sale by the Company of the entire issued
share capital of IMM to AAG. IMM’s main asset is the potential claim against the
Government of Mozambique for its role in facilitating the expropriation of mining
concession licences which were held by IMM’s 99.99% owned subsidiary, CMdN.
Whilst the Claim has been assessed to be in Pathfinder’s favour, it cannot fund bringing
the Claim itself and, after considering various options, the Directors believe that the
Disposal is the best available option for the Company for the reasons set out below
it cannot fund bringing the Claim itself??????
is there a MINOR legal thing that someone has missed
https://www.alignresearch.co.uk/cpt-company/pathfinder-minerals/
pathfinder minerals acquire the licence for 34 million....
http://www.pathfinderminerals.com/~/media/Files/P/Pathfinders-ECW/Attachments/presentations/judgment-approved-13-05-2013.pdf
TWO respondants for law case...PATHFINDER and IMM
HUMM tricky there is still a part claim by pathfinder??
2. Background to the Disposal
was transferred to what is thought to be a Chinese state-owned enterprise, TZM Resources S.A.
thought to be ?? didnt someone check?
The Company has provided AAG with certain warranties under the SPA with
its aggregate liability capped at £2m. Any individual claim for breach of these
warranties must exceed £20,000 and all such claims together must exceed
£200,000 before a claim for breach of warranty can be brought (when the whole
amount can be claimed) and any such claim for breach of warranty must be
notified by AAG to the Company within 12 months of Completion.
so 2 million liabilty or gets money back
The Company has provided AAG with certain warranties under the SPA with
its aggregate liability capped at £2m. Any individual claim for breach of these
warranties must exceed £20,000 and all such claims together must exceed
£200,000 before a claim for breach of warranty can be brought (when the whole
amount can be claimed) and any such claim for breach of warranty must be
notified by AAG to the Company within 12 months of Completion.
Payment of the Deferred Consideration by AAG to the Company will be net of
an amount equal to 10% (net of any National Insurance and PAYE which the
Company may be required to deduct at source) payable by AAG at the
Company’s direction under the SPA to each of Dennis Edmonds, Peter Taylor
and David Taylor pursuant to the long term management incentive awards
granted to them on 16 August 2022.
and the directors are paying thmeselves 200k???
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