Well here is the immenent announcement that all the insiders were getting over the last 48 hours, stock exchange should monitor those transactions, but they are a toothless tiger and of course they wont.
EMPEROR CONFIRMS THE SALE OF VATUKOULA MINE AND THE FIJI ASSETS OF EMPEROR MINES LIMITED THURSDAY 22 MARCH 2007 Emperor Mines Limited (ASX:EMP) announces that it has signed an agreement to sell all its Fijian assets, including the foundation Vatukoula Mine, to Westech Gold PTY Limited ("Westech"), a private company incorporated in Australia.
Under the agreement, Emperor Mines Limited is selling 100% of its shares in the Australian incorporated companies which in turn own the Fijian assets of the Emperor group.
With immediate effect, all assets and liabilities of the Emperor Fijian operations will be transferred to Westech Announcing the sale in Brisbane today, Emperor Mines Limited Chief Executive, Mr Brad Gordon, said that the sale and transfer of Fiji assets and liabilities was particularly important at this time, because it allowed the company to draw a line under its activities in Fiji, and concentrate on the restructuring process announced earlier this year.
"We can now confirm the sale of all Fijian company assets, something we considered essential to stem the cash flow drain on the Emperor group occasioned by the ongoing costs of care and maintenance at Vatukoula.
Frazer Bourchier, the former General Manager of Fiji operations for Emperor Mines, said today that the sale paves the way forward for future operations and investment in the Vatukoula district by the new owners, and represents the end of a chapter for Emperor Mines. "I would like to personally thank those who have been involved in this process and I truly believe we have achieved an outcome that is good for the companies involved, good for the community of Vatukoula, and good for the Republic of Fiji.
EMP Price at posting:
0.0¢ Sentiment: None Disclosure: Held
