KZL 0.00% 12.0¢ kagara ltd

mux in trading halt, page-12

  1. 15 Posts.
    From the suspension from offical quotation on 14/2 from MUX announcement. Hope this helps.

    Mungana Goldmines Limited - request for suspension from quotation
    Pursuant to ASX Listing Rule 17.2, Mungana Goldmines Limited (MUX) requests a suspension from quotation of its securities, being ordinary shares (ASX code: MUX), immediately following expiry of the current trading halt on commencement of trading on 15 February 2013.
    In accordance with Listing Rule 17.2, MUX advises the following:
    1. MUX has received a duty assessment, including penalties and interest, from the Queensland Office of State Revenue (QOSR) for $12.19 million in respect of the Gold Rights Agreement (GRA) over the Chillagoe assets in North Queensland entered into between MUX and a subsidiary of Kagara Limited (Administrators appointed) (ASX: KZL) in 2010.
    2. The duty assessment is payable on 14 March 2013, which is before the expected completion date of the Heads of Agreement (HOA) with KZL (announced on 26 November 2012) under which, amongst other things, anticipated duty liability on the GRA was to be dealt with as between MUX and KZL.
    3. MUX intends to apply for and negotiate payment terms with the QOSR (and QOSR has indicated it will entertain such an application) pending the outcome of an objection to the assessment that MUX intends to lodge with the QOSR and completion of the HOA, which still remains conditional.
    4. MUX requests the suspension because there is insufficient information for the market to trade on a fully informed basis given the uncertainty about the outcome of the payment terms negotiations with the QOSR.
    5. MUX expects the negotiations with the QOSR on payment terms will take at least 5 business days. However, depending on progress of those negotiations, that period may be longer.
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    www.munganagoldmines.com.au
    6. MUX is not aware of any reason why the request should not be granted or of any other information necessary to inform the market or ASX about the suspension.
 
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