Ann: Non-Renounceable Issue , page-3

Interesting stuff in combination with the variations to the conditions of the bid. The rights offer will cash UCL up but what I found particularly interesting is that they have decided to follow through with their insurance with EFIC for expropriation of Mehdiabad. Cerhob will be pleased to finally get his opinions on the value of that insurance tested!! :)

Even though claiming for insurance on Mehdiabad I would hope that they also launch arbitration proceedings against the Ministry of Finance in Iran who have guaranteed MZC's interests in Mehdiabad. That could, in quite some time, see more cash come the way of shareholders as the central bank is potentially exposed there for hundreds of millions of dollars.