3 hours after the AUR TH was called regarding the farm-in, the company received a notice from >5% shareholders calling an EGM for the replacement of 2 of the 3 directors. The next day, the West Australian newspaper published a story about it, adding that the other director supported the move.
Whether or not the farm-out/in and the EGM are related is not known yet.
If they are though, then I can't see how the deal could be undone without KS's consent. Maybe try to renegotiate if there is to be a new BoD is the best that could be done
As a long-time AUR holder, I am appalled by this transaction. It (Doolgunna) is manna from heaven for SFR.
The jv, if it eventuates, is going to be a logistical nightmare to construct , what with SFR, SFR/TLM, SFR/AUR and SFR/AUR/FEL being involved. I suppose one good thing about the agreement is that AUR could sell its interest at a fair market valuation. Did TLM have that option?
shame on SFR, page-6
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