Australian iron ore producer and strategic metals explorer CuFe Ltd (ASX:CUF) has welcomed a settlement reached between the Australian Professional Leagues (APL) and Okewood Pty Ltd, a company in which the CUF’s executive chairman Tony Sage is a director.
The settlement has resulted in the reversal of a change of control of shares on March 20, 2024, that has seen control of CUF shares and options returned to Okewood.
It follows an Appendix 3Y released on February 20, 2024, that indicated a change in control of shares in the company previously controlled by Sage.
“Great news”
The CuFe chairman has described the removal of this potential overhang as being “very positive”.
He said: “It's great news that a settlement has been reached between Okewood and the APL which has returned control of the CUF shares and options back to Okewood.”