Hi All,
This what I found on Business Spectator website :
Source: News Bites
Cape Lambert Iron Ore Ltd disclosed steps being taken as regards the Lady Annie IPO, and also the disposal of the Lady Annie Project assets to its own subsidiary Q Copper Australia Ltd (meaning it will sell Cape Lambert Lady Annie Exploration Pty Ltd which contains the Lady Annie Project assets).
While Q Copper is currently a wholly-owned subsidiary of Cape Lambert, prior to the annual general meeting and lodgement of the prospectus in relation to the IPO, shares in Q Copper will be issued to the directors of that entity as part of the Q Copper directors' remuneration package with Q Copper, so that directors collectively will hold no more than 10% of the issued capital of Q Copper with the remaining 90% to be held by Cape Lambert. Following the launch of the IPO, the interest of the Q Copper directors will be diluted such as they will hold less than 0.02% of the expanded capital of Q Copper and Cape Lambert's interest may ultimately be between 5% and 10%. If the IPO does not proceed on or before April 1, 2010, the Q Copper shares held by the Q Copper directors will be bought back by Cape Lambert such that Cape Lambert will hold 100% of Q Copper.
The consideration payable to Cape Lambert by Q Copper for the purchase of 100% of Cape Lambert Lady Annie Exploration Pty Ltd will be in the order of $169 million to be satisfied in cash and scrip.
I don't know who is building the book for it yet , if I find anything will let you know.
Like Marker2 and others on here, CUO has cost me big time, but I still believe in the mine itself, if only we could get someone who knows how to run a public company and look after the shareholders......is there such a thing ?
CUO
copperco limited
