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Tigers Realm Coal (TIG) investor relations material
Tigers Realm Coal Q3 2025 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Ongoing efforts to complete the sale of Russian subsidiaries and mining/port operations, with the process facing significant regulatory and transactional hurdles.
Share Purchase Agreement (SPA) signed in April 2024, but completion delayed due to new Russian legislation and required Presidential approval.
Significant events and developments
Russian authorities introduced new exit legislation in October 2024, delaying approvals for foreign sellers.
The transaction was split into two elements: Operating Assets & Assignments (requiring Commission approval) and the Amaam Entity (requiring Presidential approval).
Commission approved the Operating Assets & Assignments sale at a reduced price (RUB 2.348 billion, approx. A$46 million), but the Buyer has not signed the amended SPA.
The Buyer is seeking further price reductions due to increased exit taxes, high Russian interest rates, and weak global coal markets; the board has rejected these requests.
The sale agreement is at an impasse, and alternative exit mechanisms are being explored.
Risk factors and uncertainties
Completion of the sale is contingent on Presidential approval for the Amaam Entity, with no clear timeline.
The "locked box" mechanism means all revenue from Russian subsidiaries accrues to the Buyer, limiting the Seller's financial benefit during the delay.
Australian sanctions and limited information flow from Russian management have hindered financial reporting.
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