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October 5, 2007
Afgem: The end of the road
Friday's announcement that Afgem has had to throw in Bokang - its last remaining asset - with no adjustment to the purchase price it will receive in its transaction with New African Mining, leaves the company practically moribund.
Significantly, this adjustment has been made even before completion of the due diligence on the original terms, which can only mean that the quality of the first lot of assets didn't meet the buyer's reasonable expectations.
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Posted by StaffWriter at October 5, 2007 8:50 AM