@GordonAcko
Currently, allegedly and according to the Company, all is being held up waiting for the Mali Government to actually sign off on the transfer of the mine and tenements to SOREN.
When that has been finalised, the auditors can sign off on the outstanding financial accounts, the Company will then be able to hold a Annual General Meeting to (a) approve the Sale of Morila and (b) approve the $11.5m payment for Firefinch's portion of the (LLL) settlement, which is also inclusive of foregoing $5.7m (from memory) of debt owed to FFX by LLL.
Once that is all completed and the Company know what their tax situation is (from the demerger) and sale of the LLL shares.
Then they will be waiting on a tax ruling for the treatment of any capital return (in-specie distribution of the LLL shares back to shareholders and cash)
The current timeline that hasn't been updated was early January for the return of shares, and I suspect the return of any cash balance will be when the Company eventually closes the doors.
Personally, the "waiting on the tax office ruling" is just delaying to cover their backsides given that their has been a claim lodged (allegedly) in the International Arbitration for monies owing to one of the mining contractors.
I estimate that if the claim is proven futile, we will have approximately $20 million in excess to what the company will need to wind it all up, which is approximately $0.015c per FFX share held.
The LLL tranche 1 payment is to be made in January, so hopefully all this is tidied up and the shares have been distributed back to shareholders (I doubt this will happen though) which will mean that the tranche 1 payment to Firefinch will be between $31.6 million - $37.9 million (dependant on the AUD v USD is at time of transfer)
This cash payment will equate to a further $0.022c - $0.028c per FFX share held, timing of a cash return of capital wasn't included in their estimated time lines.
Just for your information; for every Firefinch share you hold you will receive 0.178 shares in Leo Lithium and if from some devine intervention we get the LLL shares distributed back before LLL make the first payment, the LLL shares payment will be between $0.15 and $0.18 cents per share, the timing for the tranche 1 payment to LLL shareholders is January 2025.
@Pharrell13 no response back from Firefinch which was to be expected, they wouldn't respond when we were listed, although Michael Weir has been replying with what he can.
As per previous post, the Mali government appear to be issuing licences again .. ..
