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Name | Symbol | Market | Type |
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iShares US Fundamental Index ETF | NEO:CLU | NEO | Exchange Traded Fund |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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-0.46 | -0.87% | 52.47 | 51.40 | 52.57 | 0 | 21:33:49 |
RNS Number:2675R Cluff Mining PLC 24 October 2003 CLUFF MINING PLC Rosario Agreement On 4 July 2002, Cluff Mining PLC ("Cluff" or "the Company") announced that it had consented to the assignment by the former owners of Sperrylite Resources (Pty) Limited ("Sperrylite") of their rights under the Sperrylite acquisition agreement ("Sperrylite Acquisition Agreement") to Rosario International Investments Limited ("Rosario"), a company in which Mzi Khumalo (a shareholder and director of Cluff) is interested (the "Rights Transfer"). Sperrylite held rights to a number of platinum group metal exploration interests in South Africa and was acquired by Cluff in 2001. Pursuant to the Rights Transfer, Rosario was entitled to be issued up to 2.7 million new Cluff shares (Consideration Shares) which may in the future be issued by the Company on definition of certain target mineral resources at Blue Ridge, Sheba's Ridge, Fonte Verde and Blue Sky North under the terms of the Sperrylite Acquisition Agreement. On 30 July 2002, following the estimation and audit of additional indicated mineral resources at Blue Ridge, Cluff issued 1.25 million new Cluff shares to Rosario. The Sperrylite Acquisition Agreement provided for the Company to issue new Cluff shares on the definition of audited indicated mineral resources at new projects brought to the Company by the former owners of Sperrylite, which the Company agreed to explore, on the basis of one new Consideration Share for every 5 PGM ounces defined as an indicated mineral resource at such new projects. The Company stated that it did not intend to issue more than four million of such Consideration Shares for additional projects. This limit potentially constrains the Company from accepting further additional projects which are identified and may add considerably to the value of the Company. Differences of interpretation over Rosario's entitlement to new Cluff shares under certain clauses of the Sperrylite Acquisition Agreement have recently arisen between Cluff and Rosario. These concern whether certain projects which Cluff is working on should be considered under the Sperrylite Acquisition Agreement to be Relevant Projects, and therefore subject to capped obligations to issue new Consideration Shares to Rosario, or Additional Projects, and therefore subject to uncapped obligations to issue such shares. Further work on the Company's properties over the next 18 months should clarify these issues, and Rosario and Cluff have therefore agreed that discussion of these issues will be deferred until that time. The parties have further agreed that they will use reasonable endeavours to conclude a compromise in respect of these differences of interpretation for a period of one month commencing 23 April 2005. If Cluff and Rosario are unable to agree a compromise in this period, Cluff will have the option (but not the obligation) to terminate the Sperrylite Acquisition Agreement in consideration for it issuing to Rosario the lesser of five million new Cluff shares (less any Consideration Shares issued to Rosario in the period from the date of this announcement until the date such shares are issued) and such number of new shares as shall result in Rosario, together with any person controlled by or acting in concert with Mr Mzi Khumalo, holding 29.9 per cent. of the total issued share capital of Cluff ("the Cluff Option"). If Cluff exercises this option, Rosario will have the option to acquire the Red Bush Ridge project for its then book value in cash. The exercise of the Cluff Option will be conditional on the approval of the shareholders of Cluff, compliance by Cluff with the related party transaction provisions in the AIM Rules and any other consents and approvals necessary to Cluff and compliance with any law or regulation applicable to Cluff. 24 October 2003 ENQUIRIES: Cluff Mining PLC Tel: +44 20 7495 2030 Terence Wilkinson, Chief Executive Donald McAlister, Finance Director College Hill Associates Tel: +44 20 7457 2020 Mark Garraway Michael Spriggs This information is provided by RNS The company news service from the London Stock Exchange END AGRFEMFUDSDSEDS
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