CLE 0.00% 0.1¢ cyclone metals limited

They do still "own" the shares in Cauldron but last years annual...

  1. 94 Posts.
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    They do still "own" the shares in Cauldron but last years annual report shows they are provided as security for the $5.2 Million tax bill to ATO

    'NOTE 18 - On 31 July 2018, the Company reached an out of court settlement with the ATO. Under the terms of the settlement, the Company has, on a without admission of liability basis, agreed to make final settlement payments to the ATO totalling $5,203,442 following the issue of amended assessments for each of the respective income tax years in dispute. Included in the settlement is a shortfall interest component of $790,000. The settlement is payable over 5 years until March 2023. Under the terms of the settlement, the Company retains all carry forward losses.The Company’s wholly owned subsidiary, Dempsey Resources Pty Ltd (Dempsey), has agreed to provide the ATO with security over its shareholdings in Fe Limited and Cauldron Energy Ltd as collateral.The agreed settlement figure of $5,203,442 represents full and final settlement and removes the potential for any further payments to the ATO under the amended assessments.'

    So at the current Cauldron and Fe share price they are not even enough to cover the ATO tax.

    Shame as Cauldron gold project in Victoria looks to be right time right place.
 
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