Magontec Limited Announces Major Share Buyback Agreement

Magontec Limited (AU:MGL) has released an update.

Magontec Limited has reached a Memorandum of Settlement with Qinghai Salt Lake Magnesium Co Limited to buy back and cancel 22.68 million shares, representing 28.48% of its issued shares. This agreement involves the swapping of claims and the transfer of certain assets, with the intention of resolving past disputes without lengthy legal battles. The move is pending approval from QSLM’s creditors and a subsequent Extraordinary General Meeting of Magontec shareholders.

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