GREY:ADEXF - Post by User
Comment by
Greenandgold.on Feb 01, 2012 1:16pm
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Post# 19474848
RE: RE: RE: RE: Ownership of Roche Bay
RE: RE: RE: RE: Ownership of Roche Bay RPDeluca (and MacMurray in the past) confirm that AXI does indeed currently own 49.9% of Roche Bay. Is that good enough for you Venman? Or will you continue with your idiotic belief that AEI already owns 100% of Roche Bay?
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Thanks Deluca, done with that silly issue! Now, the problem with the earn-in options you described is this: according to the 2009 contract with Roche Bay plc, AEI cannot convey its entire interest in Roche Bay property (or Tuktu) to a third party (XinXing in this case) without completing the earn-in or buyout options (or giving $35 million to Roche Bay plc to satisfy its "tag along option"). They need to own 100% of the properties to convey them.
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Therefore, AEI and XinXing can't sign a JV deal conveying the property until the feasibility study is published and a positive production decision is made. (Last year, AEI tried to buy out Roche Bay plc earlier in order to complete its JV deal with XinXing earlier.)