The company will only recieve $1.0m 7 days after the AGM has been completed.
Be very clear the company will not have $7.5m in the bank as you indicate in your post.
The remaining $6.5m is a contingent payment due to the company in the future. If the company does not receive these payments from Tiger and call for these payments they must pay the amount due or alternatively the assets return to LCL ownership.
Secondly, if the company releases information immediately after the AGM and the deal closes which they could have been sitting on would be a breach of the continuos disclosure obligations. They are obliged to release any data that would have an influence on SP as soon as it is known to them. By saying they are not doing any work on the Columbian assets and want to offload them and concentrate on PNG one can infer that any details on activities in PNG are material and must be disclosed as soon as they are known. This will just be a total breach of their duties.
The company will only recieve $1.0m 7 days after the AGM has...
Add to My Watchlist
What is My Watchlist?
