On Wednesday, African Energy Resources' officials announced the deal complete saying Tuesday's positive vote "satisfied the final condition precedent to the Mmamantswe project acquisition".An Aviva statement released after yesterday's general meeting held in Perth, Western Australia indicates that by show of hands, 56 votes were in favour of the sale, one against and three abstentions. Six votes were by discretionary proxy meaning the proxies or representatives of shareholders were empowered to decide how to vote on the resolution.This week's vote clears the way for Aviva shareholders to finally extract value from a project it had written off in 2010.
"Aviva currently attributes no value to its investment in the Mmamantswe project in its financial accounts, having written off any value associated with the project following the cancellation of the South African power procurement programme in 2010," an explanatory statement released prior to this week's vote reads."As such, the company is of the view that the cash consideration payable by AFR is an attractive price for an asset that has been carried at zero value by the company for several years."
