Sammy_da_Smile
Regular
Hmm another company in DRC going via arbitration to sort out share holding 
Red Rock Resources updates shareholders on DRC arbitration proceedings
Red Rock Resources PLC (AIM:RRR) issued a statement after a recent management trip to Kinshasa to participate in arbitration proceedings.
The company also provided a review of current projects.
The arbitration proceedings in the DRC the company is pursuing refer to claims to its share of the sale proceeds of the key assets of a joint venture, which were disposed of without the company's knowledge, with US$15m of these proceeds held by the buyer of those assets pending the result of the arbitration.
"In the light of shareholder speculation, we wish to set out to the best of our understanding the current situation," said Red Rock chairman Andrew Bell.
"After several hearings, which clarified the factual background, the arbitrators urged us and the other party to negotiate between ourselves before the arbitration concluded to arrive at, if possible, an agreed outcome.
"A compromise, which represented a significant discount to what we believe to be our entitlement, but which exceeded 50% of the amount still retained by the buyer, was put to us and in the circumstances where we believed it was accepted by the other party and in deference to the wishes of the arbitrator at that time for an agreed solution, we were minded to concede, though with reluctance.
"Subsequently it appeared that the representative and negotiator of the other party had either lacked authority or had changed his mind, and the negotiation ended without agreement. We now continue to assert our claim to over 50% of the total $20m principal paid or to be paid, plus damages.
"The arbitral award, when and if made, and we hope it may be soon, will not now reflect a consensus arising from the negotiation of the parties, but the decision of the arbitrators. As we await it, we must consider a range of possible outcomes, and uncertainties of timing, but continue to press for a just solution which includes a resolution of the earlier court proceedings.
"We emphasise that although we are confident in our case, it cannot be assumed that an award will be made, or that it will be at or above any previously discussed level."
Bell said the company continues its activities elsewhere, with a highlight being New Ballarat Gold Corporation bringing two high quality and historic assets into the portfolio, which he said "takes that company to a new level".
Red Rock was also able to announce the beginning of a small drilling campaign on two excellent targets in Burkina Faso.
Red Rock Resources updates shareholders on DRC arbitration proceedings
Red Rock Resources PLC (AIM:RRR) issued a statement after a recent management trip to Kinshasa to participate in arbitration proceedings. The company also...
www.proactiveinvestors.co.uk
Red Rock Resources updates shareholders on DRC arbitration proceedings
Red Rock Resources PLC (AIM:RRR) issued a statement after a recent management trip to Kinshasa to participate in arbitration proceedings.
The company also provided a review of current projects.
The arbitration proceedings in the DRC the company is pursuing refer to claims to its share of the sale proceeds of the key assets of a joint venture, which were disposed of without the company's knowledge, with US$15m of these proceeds held by the buyer of those assets pending the result of the arbitration.
"In the light of shareholder speculation, we wish to set out to the best of our understanding the current situation," said Red Rock chairman Andrew Bell.
"After several hearings, which clarified the factual background, the arbitrators urged us and the other party to negotiate between ourselves before the arbitration concluded to arrive at, if possible, an agreed outcome.
"A compromise, which represented a significant discount to what we believe to be our entitlement, but which exceeded 50% of the amount still retained by the buyer, was put to us and in the circumstances where we believed it was accepted by the other party and in deference to the wishes of the arbitrator at that time for an agreed solution, we were minded to concede, though with reluctance.
"Subsequently it appeared that the representative and negotiator of the other party had either lacked authority or had changed his mind, and the negotiation ended without agreement. We now continue to assert our claim to over 50% of the total $20m principal paid or to be paid, plus damages.
"The arbitral award, when and if made, and we hope it may be soon, will not now reflect a consensus arising from the negotiation of the parties, but the decision of the arbitrators. As we await it, we must consider a range of possible outcomes, and uncertainties of timing, but continue to press for a just solution which includes a resolution of the earlier court proceedings.
"We emphasise that although we are confident in our case, it cannot be assumed that an award will be made, or that it will be at or above any previously discussed level."
Bell said the company continues its activities elsewhere, with a highlight being New Ballarat Gold Corporation bringing two high quality and historic assets into the portfolio, which he said "takes that company to a new level".
Red Rock was also able to announce the beginning of a small drilling campaign on two excellent targets in Burkina Faso.
& SOLD 
