In a positive development for Australian domiciled mineral development company Cyclone Metals Ltd (ASX:CLE), the Australian Professional Leagues (APL) has reached a settlement with Okewood Pty Ltd, a company in which the CLE’s executive chairman Tony Sage is a director.
This has resulted in the reversal of a change of control of shares on March 20, 2024, that has seen control of CLE shares and unlisted options returned to Okewood.
It follows an Appendix 3Y released on February 20, 2024, that indicated a change in control of shares in the company previously controlled by Sage.
“Very positive”
Cyclone’s chairman has described the removal of this potential overhang as being “very positive”.
He said: “It's great news that a settlement was reached between Okewood and the APL which has returned control of the CLE shares and unlisted incentive options back to Okewood.”