its only about 12 months late. Surely its rather important to clear this up with regard to the performance shares issued? the company has been going down hill since then and I sense there is more going on here than we know. Looking back this was what they announced in April 2012.
"The Company has received an interim technical report from Coffey that has confirmed the Milestone has been met. However, Coffey is in the process of completing an updated, final technical report on the resource and the Company has negotiated an arrangement with the Vendors of Tunan to vary the number of ordinary shares they receive should there be a downgrade to the JORC compliant resource at the Company’s Cabinda Project.
Pending receipt of the final technical report, the Vendors have agreed to a voluntary holding lock on the ordinary shares that have been issued on conversion of the Performance Shares. If the final technical report re-confirms that the Milestone has been achieved, then the holding lock shall lift. If the mineral resource is downgraded, then the Vendors and the Company have agreed to cancel some of the ordinary shares issued to the Vendors based on a defined formula, subject to receipt of shareholder approval.
While the Company is confident that the final technical report will confirm that the Milestone has been satisfied, the arrangement above is considered a prudent measure until a definitive result is known."
MNB Price at posting:
9.0¢ Sentiment: Hold Disclosure: Held
