Years have slipped by and there have been so many references to when this will settle, it's really getting very hard to beleive anything that is said about this transaction, if it can even be called a transaction!
The latest announcements make the folowing comments:
9th Feb - Indaba Presenation • Executed sale agreements for US$10m • Financial close expected before end Feb 2012
1st March - Half Year Results Deliver for Continental • The sale, when completed will result in net proceeds of approx. US$10m to be received by the Company. • Conclusion of the transaction is now just dependent upon financial settlement by the buyer. • The Company has committed to working with the buyer as it now looks to obtain the approvals necessary to complete settlement of the acquisition of Vanmag over the March 2012 Quarter.
The clock continues to tick on the settlement, but seriously will it ever be finalised?
Vanmag and its failure to settle over the years can only be a result of management's inability to get the job done. Excuses for 2.5 years is just preposterous!
CCC Price at posting:
24.5¢ Sentiment: Buy Disclosure: Held
