Who could the creditors be?, page-26

Possibly the Mozambique Government?

Look at the six monthly accounts for the period ended June 2015, and you will find short term provisions of around 1.8 million. These are due to capital gains tax on the sale of mineral properties by non-residents, and possibly relates to the acquisition of the 20% stake in Grafex in July 2014.

The law was changed from a sliding scale (dependent on time held) to a fixed rate in 2014, and became effective on January 1, 2015. The rate is 32%.

This is payable by Grafex on the consideration received by Grafex from Triton. Given that Triton ended up owning 80% of Grafex (it appears the last 20% tranche was not sold).... Although the last two tranches were meant to be paid to the minority shareholders, the wording of announcements (e.g. one dated 16 July 2014) state that a deal was done between Triton and Grafex, whereby Triton will pay Grafex &c, &c....

Also, the seller, the buyer and the holder of the mining right have joint and several liability for payment of the tax.

Therefore Grafex would have a large capital gains tax liability, and through their shareholding, Triton?

The Riversdale sale highlighted the application of capital gains on the sale of mining assets in Mozambique.

Also, the early part of the earn in was largely through expenditure and some minor payments, and may have gone under the radar. But when a Government sees figures of $20 million being floatred around, and could get 32% of that, well....

Just a thought.