impondo, page-6

Abu & BBB

You may want to consider who the confusion serves best?

My understanding is that Pinnacle Resources had 100% of vanmag back in 2000. Then in 2003 they sold 33.3% to Corridor Mining Resources (CMR). I’m not 100% sure but I believe CMR is a semi government authority of sorts and is now a subsidiary of LimDev which claims to own 26% of Vanmag, whilst the local community owns 8%.

In 2006/2007 Pinnacle reached an agreement with Conti to buy Pinnacle’s remaining 66.7% stake in Vanmag. This is where Golden Falls Trading 565 came into the equation.

In 2007 or 2008 I believe CMR took Pinnacle to court regarding an ownership stake issue.

At some point Impondo claims to have a 10% indirect stake in the sale of Vanmag.

For Impondo to imply it has an indirect stake in the sale of Vanmag is very interesting. Whilst there might be an outstanding facilitation fee on Vanmag, it doesn’t necessarily mean that Impondo facilitated that deal. (btw - I’m not saying they didn’t).

There’s another possibility for an ‘indirect stake’. Does Impondo have a stake in Golden Falls Trading?

I think you’ll find in some orchestrated way that Conti owns 49% and Golden Falls 17% thus giving 66% of Vanmag, the remainder belongs to Limdev 26% and Community Trust 8%.

The great unknown is who owns stakes and in what proportions in Golden Falls Trading?

As we know over the years BDO (the auditors) have been unable to access the financial records of Golden Falls Trading and therefore couldn’t determine control & financials, which has had implications for how Conti report and what the auditors qualified.

Some of the questions I would ask at the GM if I lived in Perth is whether Golden Falls Trading still exists and if so what share does Conti have in Golden Falls Trading? And who else has a share in Golden Falls Trading and what percentage?