GRR 2.91% 53.0¢ grange resources limited.

Shagang Offtake, page-2

  1. 7,808 Posts.
    lightbulb Created with Sketch. 908
    Agreed, the Resolution No3 is a disgrace. The Independent experts report is a waste of time as the information given is incorrect and the history of the pricing agreements haven't been mentioned.

    The original agreement was made on the 24th September 2008 and wasn't voted on until the Merger voting on 12th November 2008
    25th September 2008 announcement of merger
    https://www.asx.com.au/asxpdf/20080925/pdf/31chpztyt75dtb.pdf
    Voting for the merger and information on the pellet pricing.
    12th December 2008  Voting https://www.asx.com.au/asxpdf/20081105/pdf/31df7v14kxcb09.pdf

    The pricing agreement was changed to use the Platts IODEX
    4th April 2011 https://www.asx.com.au/asxpdf/20110404/pdf/41xv3z4db978t1.pdf

    The pricing agreement was changed again and then used Metal Bulletin
    19th November 2012 https://www.asx.com.au/asxpdf/20121119/pdf/42b8pjm51njykx.pdf

    Grange then switched back to the Platts IODEX sometime in 2019, but I cannot find a report on it.
    (management have told me this when I checked)

    The fact is Grange is currently using the Platts IODEX pricing index.

    The report doesn't state this, it makes out that the existing MBI 65% pellet index is being used.

    The change will undoubtedly mean a slight reduction in prices paid.
 
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