Said vehicle, called MMJV, which in turn is a subsidiary of Mining and Minerals Industries Holding, is being reversed into a Singapore-listed company called AsiaPhos Ltd.
The transaction is at the “non-binding term sheet” stage, with the definitive agreement expected to be concluded by the end of the month (if not the deal will lapse).
The “long-stop date” for the conclusion of the MMJV acquisition is one year on from the definitive agreement.
Once the deal has been concluded AsiaPhos will issue £42mln-worth of shares with Bezant receiving stock valued at £5.6mln. It also holds the remaining 20% of Mankayan.
In the same announcement, investors were told the mineral production sharing agreement (MPSA) has been extended to its expiry on November 11 next year and that the expenditure requirements have been reduced.