The DOCA for NFL contained precedent conditions which, as I understand it, needed to be completed by 30/1/10, that being:
1) Creditor approval; 2) Confirmation from the ASX that NFL will be able to come out of suspension on terms satisfactory to NRG; and 3) Shareholder approval of issue of shares to NRG, the capital raising & appointment of Joshua Wellisch as a director.
Progress to date:
1) Creditor approval given on 20/10/09 2) No idea 3) No prospectus received by me as yet and no indication of any being issued
The DOCA Administrators extended the due date for the precedent conditions to 1/3/10. Given that there's still no indication of either condition 2 or 3 being met I am doubtful that NRG Capital's proposal will now go ahead.
BGC Price at posting:
3.9¢ Sentiment: Hold Disclosure: Held
