This article "was posted in Business on 07.04.2017". Russian authors and looks at the BCL situation from Norilsk
Nickel group's perspective. Some is a little hard to follow, but mentions the UAE deal at some length and seems to expect progress.
The assets of “Norilsk Nickel” in Africa interested in the family of the Emir of Dubai
Following are a few quotes giving most of the relevant substance of this article. Apparently where the authors refer to "elimination" they refer to liquidation, or so it seems.
"The investment group from the UAE, close to the family of the Emir of Dubai is preparing an offer to buy Botswana company BCL, in which Norilsk Nickel is suing for $271 million.".....................
"Now interest in buying BCL showed investment group Emirates Investment House (EIH) from the UAE, representing the interests of the family of the Emir of Dubai, said RBC Nigel Dixon-Warren, consultant for taxes and transactions KPMG, which deals with the elimination of the BCL. “Dispute “Norilsk Nickel” it takes on is one of the conditions of the deal,” explained Dixon-Warren. About the interest of the investor from the UAE has repeatedly said the Minister of minerals, energy and the environment of Botswana Kindergarten Kebonang. A source close to the management of “Norilsk Nickel” also knows about the interest groups from the UAE to BLC.
By the end of April EIH should prepare a proposal at a price that she’s willing to pay Nkomati, according to consultant KPMG. The Botswana government has allowed Dubai-based company to conduct due diligence of assets. However, the deal is only possible after completion of the procedure, the provisional liquidation of the company, which now goes, he says. “Emirates Investment House is interested in buying shares of BCL, but their sale is possible only after the liquidation procedure — when it will be resolved with creditors,” he said............
Emirates Investment House is part of a multimillion-dollar investment Empire, Emirates House Group. According to the Botswana Guardian, the Botswana group purchases the asset on behalf of the family of the Emir of Dubai, close to which the Chairman of the Board of Directors of the holding Abdullah Manhush. “The sheikhs have repeatedly stated that the acquisition of the assets of BCL will give them access to the rich mineral base of Botswana,” reports the publication. BCL’s total debt to creditors is about $85 million According to the publication, the UAE, the company will require approximately $720 million to get a seat on the attractive market of mineral resources of Botswana."
Regards.
BML Price at posting:
0.2¢ Sentiment: Buy Disclosure: Held
