I may be missing something obvious here, but can any one help clarify the following:
Galaxy will now receive
US$271.6 million(after US$8.4 million in withholding taxes was paid in November 2018) as follows:
• US$257 million consideration held in escrow plus interest accrued will be released by the Escrow Agent to Galaxy by Tuesday26 February 2019; and
• US$14.6 million will be paid by POSCO directly to Galaxy by Friday 1 March 2019, now that registration of the usufruct transfershas also been completed.
- US$280m should be sitting in escrow with HSBC. Galaxy paid the US$8.4m tax last quarter, which is why the cash balance dropped more than expected. So if the tax has already been paid, why are we receiving US$271.6m? Shouldn't this simply be the full US$280m?