The Group is negotiating with the Business Rescue Practitioners appointed by ABSA and EDF the conditions of paying out the debt facilities in conjunction with the 74% sale process. If the Group does not complete the Ivory Mint sales process in the time frames provided and generally on the same terms, the Group will have to proceed to secure payment of the existing ABSA and EDF facilities by way of a managed tender process to be undertaken by the Business Rescue Practitioners.
As part of the Business Rescue process, the Business Rescue Practitioners appointed by ABSA and EDF have taken over the management control of the Group’s South African subsidiary operations and as such the accounting treatment required that the group deconsolidate its South African subsidiary as at 30 November 2014 and be accounted for as an available-for-sale investment. The parent entity maintains protective rights over the subsidiary. As a result, the accounts have been re-stated for
the comparative period (31 December 2013)
Accounts.
In compliance with Accounting Standards, the Group has deconsolidated its 74% interest in its South African subsidiary effective 30 November 2014 and its interest is now accounted for as available-for-sale investment (refer note 6). On 31 October 2014, the Group announced it had accepted an offer to purchase its 74% interest in its South African subsidiary.
Fair value of 74% interest held in subsidiary $88,235m (cough cough bull .... cough cough)
Non-controlling interest at deconsolidation ABSA and EDF debt assumed by Continental Coal Limited $42,707m
Note 8 borrowing.
Con notes and bridge. $27.3m not including interest and why ABSA and EDF took control. (imo)
Add the $4m before costs on the raising by Mint.
Plus another so called $5m. from Mint
Related party transactions continue to be in place during the period. See 30 June 2014 annual report for details
June Annual report.
Consulting fees paid or payable to Okap Ventures Pty Ltd, a company of which
Mr Landau is a director, for the provision of strategic and corporate advisory,
capital raising, company secretarial, financial management, investor and public
relations and associated services in fully serviced offices in both Perth and
London $343,000
Amounts paid to Okap Ventures Pty Ltd for reimbursement of travel and
meeting expenses $1,373,000 (For a raising that never happened)
Fees paid to Okap Ventures Pty Ltd for services performed in relation to the
rights issue and assistance with the annual report $104,494
Standstill fee paid to Okap in relation to Standstill agreement $51,613
Okap Total $1,87m (You can bet this figure has been added too!)
Total of all above $80.87m
that it had agreed to revised terms with a new purchaser consortium headed by Ivory Mint Holdings Corp for a total purchase consideration of USD$75.0m (“Purchase Price”) on the following key terms:
So where is the spare cash?????????
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