RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:Question for the legal minds re right to dissent PP oversubscribed - approved for 140+ million additional shares. Think it would be fair to say that would expect there was a market for this large amt. Multiple shares maybe as per Frank's justification for up to 300:1
PP closed with only 45+ million shs sold, over 50% internal. Seems to imply that there wasn't a defined/committed market and even more limited interest outside of insiders.
Suggest it is this continuing contradiction in what is implied by KWG and the reality that ends up. The list is long and has been identified often on this board.
Clarity is not their strength which naturally leads to speculation and frustration for shareholders. KWG seems to financially be hanging on by their fingernails. Am unclear as to the purpose, market or perceived value of the "preference" shares. And exactly why introduce this share category now when the purpose of the multiple share option was positioned to enhance financing and, by Franks own words, attract institutional investors. It seems it's muddying the water. Find it difficult to perceive an institutional investor purchasing "preference" shares primarily on the basis of the "protection" aspect. KWG asset value is for all intents and purpose -ve at this stage with minerals in the ground that will be extremely costly to extricate and a potential patent that has not been approved and therefore offers no recouperative income avenue. Hard to see how the "preference" move advances KWG.
IMO the only entity that would enter into an KWG investment would strategically be another mining entity who would see the chromite as a value prop should KWG fold. Also, having been with KWG going all the way back to Spider days am always mindful of what Anglo Paicifc (which holds 1% NRC on KWG chromite excluding Black Horse) might be thinking/doing, if anything.