Appalling Performance ! Basically, they sold the project for $37 million.
Basically this was approximatly 50% of the money LFD spent on this project
Appalling Performance !
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I note the part in yellow was added to the most recent MDA; I do not recall this fact in the legal agreement by all parties.
$5 million fees, = 13.5%, this is not a small amount and should have been disclosed in the legal agreement.
Shareholders got screwed.
Basically, it cost $5 million to close the deal ........WOW !
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On January 16, 2012 Longford entered into a Sale and Purchase Agreement with Genel Energy plc ("Genel") in respect of the Block (the "Sale Transaction"). As consideration for the Sale Transaction, the Company will, indirectly, receive USD $68 million from Genel, of which USD $42 million cash will be paid directly to Longford and $26 million will be paid directly to the KRG as settlement foroutstanding capacity building bonus payments and related interest, due under the PSC.
Additional fees related to the closing of the Sale
Transaction may be payable to the KRG.
At a special meeting of shareholders of Longford held on February 27th, 2012, the Company
received shareholder approval as 97% of the votes cast were in favor of the proposed Sale Transaction. The closing of the Sale
Transaction remains subject to the approval of the KRG.