To get 80% ownership of Dundas Thor must hand over shares to the value of A$2.0 million and spend A$1.0 million by 31st March 2013. Last figure I can find suggests they have spent approx A$600k.
If MB decides not to exercise OUR rights to acquire additional equity in Dundas, then a joint venture will be formed with Thor and vendor parties contributing according to their respective equity, with normal dilution provisions applying. OR he could get another extension.
- Either way I sincerely hope we get an announcement by 31st March 2013 on this.
Also, MB stated on 31st Jan 2013 “The Company is in discussion with various parties to secure necessary funds to carry out the programs suggested in this report. It is expected that an announcement detailing the results of these discussions will be made shortly.”
Mick’s ‘shortly’ is obviously longer than 6 weeks....
Come on Mick, my ears are bleeding here with the silence....
MT
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