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Fraser- Yes, not a simple one here- AMA are sticking to their position that the subsidiaries in Burkina Faso were separate legal entities, not under any guarantee, and as such could be liquidated without recourse to the parent company, AMA. This was in the placing doc on 20/1/15 (4 paragraphs so in some detail as below) under Other Operations so they would probably say they have said all they are going to say for now and its down to the lawyers, who are doing their thing. And that could run and run, as we know, so perhaps it wont come to a head until they get a major sniffing around or they get to a stage when the capex funding needs putting together. An extra $10m or so then shouldn't break the project... lets see.
Fraser- Yes, not a simple one here- AMA are sticking to their position that the subsidiaries in Burkina Faso were separate legal entities, not under any guarantee, and as such could be liquidated without recourse to the parent company, AMA. This was in the placing doc on 20/1/15 (4 paragraphs so in some detail as below) under Other Operations so they would probably say they have said all they are going to say for now and its down to the lawyers, who are doing their thing. And that could run and run, as we know, so perhaps it wont come to a head until they get a major sniffing around or they get to a stage when the capex funding needs putting together. An extra $10m or so then shouldn't break the project... lets see.
ReplyDeletehttp://www.investegate.co.uk/amara-mining-plc--ama-/rns/proposed-placing-to-raise-approx--13-2m/201501201641036711C/
Cheers. The Leggie