CRG inks second MoU for possible subsidiary sale
JOHANNESBURG (miningweekly.com) – Just over a week after entering into a nonbinding memorandum of understanding (MoU) with the Hiria Group, local gold producer Central Rand Gold (CRG) said on Friday that it had inked a separate MoU with Phoenix Tree Investment Group subsidiary Beijing Ankong Investment.
The Ankong MoU, which was substantively consistent with the terms and conditions of the Hiria MoU, also contemplated the potential disposal of CRG’s wholly-owned subsidiary CRG Netherlands Antilles to Ankong for $148-million in cash.
The subsidiary owned the assets of the CRG group.
The company noted that the Ankong MoU remained subject to a number of conditions, including mutual completion of due diligence by both parties, CRG and Ankong obtaining all necessary regulatory and exchange approvals, and the entering into of a formal share sale agreement for the sale of the subsidiary.
“Consistent with the terms of the Hiria MoU, CRG and Ankong have agreed that the finalisation of all required due diligence and the execution of a formal share sale agreement should be completed by March 31, 2015.
“The company is in the process of establishing a virtual data room that will be made equally available to Hiria and Ankong so that both interested parties are treated equitably and will have access to identical information,” said CRG, adding that the MoUs were both entered into on a nonexclusive basis.
The board cautioned that there could be no certainty that the discussions with Hiria or with Ankong would lead to a formal share sale agreement or a sale of the subsidiary.
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