I wasn’t at the AGM and missed the latest chapter, but Vanmag...

I wasn’t at the AGM and missed the latest chapter, but Vanmag truly is the never ending story … from ASX release 9/5/11

“As a condition of the sale of its shares in Vanmag, Continental has received
irrevocable bank guarantees from the purchasers’ South African bank as security for the obligation of the purchaser to pay the acquisition price. The irrevocable bank guarantees are held by Continental's lawyers in South Africa".

And this …

“Financial settlement of the sale now only remains subject to consent from the South African Department of Mineral Resources (DMR) for the acquisition and the transfer of the interest which is expected in the next 6-8 weeks”.

Anyway, we all know the history, as outlined in many ASX announcements, past AGMS (remember Demendix?) and notes to annual reports - so many twists and turns and for what?

The only positive I can think is that whilst Conti gets the business off the ground over a number of years, vanmag might serve a purpose and protect it from closer scrutiny.

However, one day vanmag will need to be cast aside and proper and regular financials will have to become the norm, but until then uncertainty remains and many of us will keep saying we've heard it all before.