Mart Resources Inc MAUXF

Eventually, the 5yr tax holiday ends

[stockpeeker]

Keep in mind that the 5yr tax holiday on Umusadege ends late 2013 (or early 2014) I think.  After that, royalties will increase substantially, so we shouldn't expect dividends to go up very much in 2013, if at all.  As implied in Wade's talk at the AGM, they must be anxious to participate in additional marginal field exploration, as that would buy them another 5yr tax holiday in a new field as Umusadege tax holiday eventually ends.

Of course the elephant in the room (or 500 pound monkey if you prefer) is the unknown impact of the aforementioned potential business combination to gain indigenous company advantages (with some potential downside risk to existing non-indigenous shareholders).

Does anyone have a firm handle on exactly what qualifies a company to be classified as a Nigerian "indigenous" company for the purpose of bidding on marginal fields and gaining other probably advantages of being Nigerian vs. foreign-owned.  I've heard some say the company would need to be owned 60% by Nigerians, which would seem to have substantial dilutive impact to existing shareholders.

Regards,

'peeker