LCY 0.00% 1.4¢ legacy iron ore limited

firb approval

  1. 76 Posts.
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    You would have to think that LCY will receive an offer from NMDC since there has been no negative news, no pull out already, and the latest announcement says that they were impressed by the team sent down, and a final deal is likely to be by end of July.

    Assuming this, you would think it would get voted through, since Sharon and the other directors along with their supporters, would like the deal if the board themselves are voting it through.

    So the only issue is FIRB approval.

    FIRB approval is required where

    - the party acquires 15% or more that is valued above $231m
    - the party is a foreign government or an entity controlled by a foreign government.

    Given NMDC is controlled by the Indian govt, then we will need FIRB approval.

    So the issue then becomes that the FIRB panel will determine whether LCY's assets are assets key to the Australian national interest.

    Given, it is an retalively undeveloped and non producing asset at the moment, it wont be deemed to be in the Australian national interest, so shouldnt bother FIRB or require their approval.

    It is just a matter of waiting for the mandatory 30 day timeframe for the FIRB panel to process the paperwork.

    Conclusion, it looks like it will all come down to whether the deal is correctly valued by NMDC, and not balancing on any whether it will get support or approvals.

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