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Synergy Plus Ltd Announces Termination Of Term Sheet By Legacy Iron Ore Limited

Friday, 21 Jun 2013 04:01am EDT 

Synergy Plus Ltd announced that Legacy Iron Ore Limited (Legacy) has terminated the term sheet entered into by the parties on April 9, 2013 (Term Sheet). The Board of Synergy is disappointed with this outcome. On June 19, 2013, the Company received correspondence from King & Wood Mallesons who act for Mr Frank Stranges, a previous non-¬≠executive director and the previous executive chairman of the Company (Letter). The Letter claims that Mr Stranges is owed $171,856.30 in outstanding director fees for a period of time, including whilst the Company was in administration. The Company refutes this claim. Given the announcement of the Term Sheet by both Legacy and Synergy, the Letter was also copied to Legacy. The Company received notice from Legacy that it had failed to satisfy itself of the due diligence condition precedent and subsequently terminated the Term Sheet the day following receipt of the Letter. Whilst disappointed with the failed transaction, the Board of Synergy will continue to seek alternative investments that will provide shareholders with value in the future. Accordingly, the Company will proceed with the proposed general meeting to seek shareholder approval for the reconstruction of Synergy to ensure Synergy is an attractive investment vehicle capable of exploitation once a suitable transaction is identified. 

Company Quote

15 Mar 2011