[miningmx.com] – FORBES Coal and Riversdale Mining will split the R45.5m held in an escrow account following the failure to consummate the takeover of Riversdale, the companies announced today.
Forbes Coal claimed the return of R45.5m held in escrow as deposit for the takeover of Riversdale Mining with the latter claiming damages totalling R299.5m arising from the proposed acquisition.
The agreement is for Riversdale Mining to be paid R19.4m while Forbes Coal receives the balance of the R45.5m held in the escrow account. It has been agreed that neither party will have any other claim against the other after the settlement.
