Minimum Local Shareholding and Listing Requirements for Mining Companies, page-180

More fun at comedy central.

30% IPO requirement for UTZ finally acknowledged 1 day AFTER they were required by law to list on DSE. Need to list apparent for almost a year.
http://fbattorneys.co.tz/legal-update-8-november-2016/

6 months ago deadline was brought forward to August 23 2017.
http://fbattorneys.co.tz/legal-update-6-march-2017/

MNS announcement failed to provide any indication as to when they were aware of this requirement.
What happened to continual disclosure?

Apparently now looking for a waiver, but for what exactly?

"Although UTZ will exhaust all avenues to a successful listing it is apparent, through initial legal and expert references, UTZ may not meet the requirements of listing on the DSE and so shall work towards a point in which this can be confirmed and the trigger point for obtaining a waiver from listing from the Minister of the Ministry of Energy and Minerals of Tanzania."

Can they distinguish between waiver from 30% Public Offer and mandatory listing requirements?

Regulations provide that if a holder of SML gets a waiver of minimum local shareholding requirement, this waiver shall still not preclude that holder from performing its obligation of listing on disallowed as per the Regulations.

The Regulations further provide that a holder of SML who fails to comply with the provisions of the Regulations shall be in default, hence the provisions of the Mining Act relating to suspension and cancellation of mineral rights shall apply.

So, MDA confirmed as invalid and now mineral rights under a cloud?