ADY 6.25% 1.5¢ admiralty resources nl.

"binding" mous v binding agreements

  1. 78 Posts.
    Hi,
    Long time holder and reader but never really post. not PTs dog /cat/wife/brother/sister/niece/nephew or granny or related in any way. Currently, I wouldn't be able to stand in the same room as him.

    Any law people out there who knows about "binding" MOUs and if hawkswood can put ADY into receivership if their is a binding MOU in process.

    Here are two interesting lines from the last announcement.

    "The Board of Admiralty Resources NL has signed a binding Memorandum of Understanding (MOU) with Charge Resources Pty"


    "The first tranche of A$28,781,536 is receivable at settlement after binding agreements are entered into, expected to be today or very soon thereafter"

    I know that ADYs announcements have never really being candidates for the Nobel prize for literature but this implies that no binding contract/agreement has been signed(only a biding MOU). What does this mean?

    I just had a crazy thought, what would happen if Charge do not come up with the funds or change their mind? or ADY decide not to enter "binding agreements".
    What happens then?

    Maybe i am clutching at straws , hard to think straight when you own 1mil+ shares averaged at 11.1.

    just thought I would put it out there so it will stop rattling around in my head....time for bed now.


    And always good to have a legal eagle on the board to help out...
    ===========================================================

    Professor Ross Harper CBE MA LLB D Univ
    Non-Executive Director and Chairman of the Board

    Professor Harper holds a Bachelor of Laws and Master of Arts degrees from Glasgow University. He was awarded an Honorary Doctorate for Services to Law at Glasgow University in 2002. Professor Harper is an Emeritus Professor of Law at Strathclyde University. He was awarded a CBE for public and political services in 1986.

    Professor Harper is a consultant with Harper Macleod, solicitors. He was a senior partner of the firm and helped develop the business from its inception. Harper Macleod now has over 150 staff and 30 partners.

    Professor Harper was President of the International Bar Association from 1994-1996 and prior to this he was president of The Law Society of Scotland from 1988-1989.
    He has a distinguished political career and has been active in many charitable activities such as the Ross Harper Foundation. Professor Harper has several publications in the legal and political fields.
 
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