OZL has offered to buy out IXR's share of Cairn Hills non-iron rights for $5m cash and cancellation of OZL's holding in IXR shares. In which IXR will place new shares for around $8m replacing the same amount of shares cancelled on OZL's holding, not diluting the interests of existing holders.
http://www.asx.com.au/asxpdf/20121119/pdf/42b8t0vvj4dk7w.pdf
I think this should of deal is good and a win win for both parties, as OZL never was interested in iron ore, thus takeover of IXR was never on the cards.
Hopefully if CUL can at least do a similar deal with AQA with this regard to the sale of Mt Stuart Iron JV.
ozl-ixr deal
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