CLE 0.00% 0.1¢ cyclone metals limited

mcc and the 2 yr time limit are they liable

  1. al1
    2,005 Posts.
    lightbulb Created with Sketch. 31
    I started going back over all the reports related to the cfe MCC deal.....
    reports dated 26/02/2008 mou
    07/03/2008 pg 6
    07/04/2008 pg13
    12/06/2006 pg1 contract
    28/07/2008 pg1 shareholder approval
    06/08/2008 pg1 sale agreement

    well I COULD NOT FIND any mention of a 2 YEAR time frame for the Final $80 M
    in any of these asx reports

    Then comes out the asx report DATED 08/09/2010
    Legal Action Commenced Against MCC
    in this report it mentions a Novation Deed signed on or around 9/12/2009 with the Parent company

    and for the FIRST time that I can find mentions the 2 YEAR timeframe for the final payment.

    So this gets messy ....did CFE fail to advise the market of the inclusion of the 2 yr time frame in the original sale agreement.....

    Was it ever included in the original sale agreement

    OR is it a guaranteee from the parent company to make the payment IF MCC becomes liable under the terms set out in asx reports....where NO 2 yr time frame is mentioned ...well I can't find it ...good luck finding it......






 
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