Originally posted by findinggems
To sum up the announcement:
SDV north is about 95% in Catamarca and about 5% (probably less) in Salta. Look at the map with the POSCO and GXY lines drawn and the boundary line for Catamarca and Salta.
Catamarca transfer was already completed in 28 December.
Salta transfer was the one held up ... which again is about 5% or less of the tenements.
The way I understand it, POSCO now legally owns (since 28 December 2018) the 95% of SDV north as it has been recorded in Catamarca courts .... so no way would POSCO back out.
IMO, with the benefit of hindsight, GXY should have have requested two payments:
1) 95% when Catamarca have registered the transfer.
2) and the remaining 5% when Salta have registered the transfer.
Kinda like your property being split with 95% in NSW and 5% in QLD ...with each state having their own legalities / land title court.
yes this is correct findinggems
the kicker his is is that the 5% remainder is by design.
any company attempting a take over need to know 100% that the cash has been transferred out of escrow.
this is protection for Galaxy.
what it shows is that POsCO is almost certainly a bidder for JV at SDV. I can safely assume this because if they were not, they would simply take over galaxy as they are the only company that doesn’t need to wait for the funds to be released from escrow before making A play. It’s there money so any take over whilst in escrow would simply result in them getting their cash back and all of galaxy’s assets.
which leads to my question of, will galaxy actually even tell the market the salta transfer have been completed and therefore funds released from escrow?
it seems the longer the time taken the more benefit to galaxy. Who ever wants to buy galaxy is determined.
