GOLD 1216.40 $/ozChange: -0.63
PLATINUM 1339.00 $/ozChange: 4.00
R/$ exchange 11.08Change: 0.00
R/€ exchange 14.20Change: 0.11
 
We have detected that the browser you are using is no longer supported. As a result, some content may not display correctly.
We suggest that you upgrade to the latest version of any of the following browsers:
         
close notification
powered by
Advanced Search
 
 
 
Home
 
Sector News
 
Ferrous Metals
 
 
CORPORATE ACTIVITY
 
BC Iron pays ASIC fine
PRINT
 
 
Embed Code Close
content
 
9th March 2012
TEXT SIZE
Text Smaller Disabled Text Bigger
 

PERTH (miningweekly.com) - Iron-ore junior BC Iron has paid a A$66 000 penalty for failing to comply with the continuous disclosure provision of the Corporations Act.

The Australian Securities and Investment Commission (ASIC) served an infringement notice on the alleged continuous disclosure breach relating to a scheme implementation agreement which BC Iron entered into in 2011, with Hong Kong-listed Regent Pacific.

At the start of 2011, BC Iron entered into a scheme implementation agreement with Regent Pacific, which controls a 19.49% stake in the iron-ore miner, under which Regent offered to acquire all BC Iron’s shares for A$3.30 a share.

ASIC said that the details of the scheme implementation agreement submitted to the ASX failed to list two material terms relating to Regent’s ability to terminate the agreement.

BC Iron later abandoned its scheme implementation agreement with Regent, after independent expert KPMG concluded that the proposed takeover was neither fair, nor reasonable.
 

Edited by: Creamer Media Reporter

 

To subscribe to Mining Weekly's print magazine email subscriptions@creamermedia.co.za or buy now.

FULL Access to Mining Weekly and Engineering News - Subscribe Now!
Subscribe Now Login
 
 
Topics in this article
City Company Currency Industry Term
Person Technology  
 
 
 
 
 


Advertisement