African Eagle Resources PLC: Business description, financial summary, 3yr and interim financials, key statistics/ratios and historical ratio analysis.
Provider: Reuters Investment Profile
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African Eagle Resources Plc Announces Correction Of Prior Announcement With Regard To Terms Of 2010 Transaction With Jacana Resources Ltd
African Eagle Resources Plc advised that it has recently acquired missing documents with regard to the sale of certain of the Company's prior assets in Tanzania, Mozambique and Zambia to Jacana, as announced on November 22, 2010, that require the Company to restate the terms of that transaction. In the Original Transaction Announcement, the Company stated that the aggregate consideration due to the Company in consideration for the sale of the Assets was AUD1,000,000, payable in the form of cash and shares in Jacana. The Jacana Announcement incorrectly stated that the Company would receive part of its payment '.in shares on signature of the agreement.' In fact, under the terms of the Original Transaction, the Jacana shares were only due to be granted on completion of the Original Transaction. Accordingly, no shares in Jacana were received by the Company in November 2010 and none have been received since. During the course of the calendar year 2011, the prior board of directors agreed to a revised transaction structure whereby the consideration would be payable in cash only and would no longer include consideration in shares in Jacana. Accordingly, on October 25, 2011 it was agreed that the Company would receive only AUD925,000. The terms and conditions of this Revised Agreement were not announced, as required by the AIM Rules for Companies, and the Current Board are investigating why this did not occur.
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