RE:RE:Those who like it, will like it a lotThank you for, as always, well thought out and rationalized information post on this rather convoluted
HJEX listing and IPO.
Your interpretation would be more beneficial to shareholders than that of my posted interpretation ..and it may happen as you present.
But, Majestic is sacrificing, by dilution, its working interest in Persistence .
Daedong has no working interest in Persistence, just it's 25% ownership of Zonglia which is the holding company for these two mining assets .
So, unlike MJS, it sacrifices nothing for the IPO equity dilution of Persistence .
Further, the organizational structure, post IPO in the HKEX docs shows Persistence with three owners....MJS, Richards and the Foreign entity.
As there is no other foreign entity than MJS and as it is clearly stated that the Sino foreign JV will include all of the acquired gold assets......a signifucant point as only MJS and Richards have been diluted by the IPO, and not Daedong ....I don't understand just how Daedong would qualify being part of the separate JV Group owning the acquired assets .
It might be, but it's not stated that way.
I believe also, but cannot confirm, that Daedong is no longer the operator ( just from memory )..