ann out - asx waiver , page-53

Good post Merle
"If the market can't see a takeover"
I had to laugh at this phrase! The market doesn't even currently see NKP at all, let alone it's potential. NKP has missed so many deadlines that it is now totally over-looked in market commentaries. For example, look at this article covering ASX platinum plays; http://www.proactiveinvestors.com.au/companies/news/49369/platinum-becomes-rarer-as-production-hampered-asx-platinum-plays-49369.html
Fair enough mentioning Aquarius platinum but the other two; Platina Resources (PGM) and Condoto Platinum have MC of $10.8M and $2.2M respectively and no mention of NKP!
A key sentence in the last announcement says a lot about NKP management:
"As of today, there is one regulatory confirmation remaining (which is procedural in nature) and Nkwe expects to complete the drawdown and conversion week ending 11 April 2014."
Firstly it gives an unnecessary expectation that was not met which is unfortunate because the other part of the sentence explaining that the one regulatory confirmation is procedural in nature is important news. As of today it still stands waiting for the clerks to do their work (but the key is that it is "procedural" and therefore there are no decisions that will stop it from happening.
Knowing that legal notarisation must happen and that will trigger acquisitions by Zinjin at 13 cents and above one might take advantage of NKP's bad reputation and pick up shares at today's lower prices. But the market doesn't trust that it is a mere procedural formality and who can blame them!
Today's price reflects the likelihood that the S.A. clerk won't process the papers before April 30th. So either Zinjin will process the drawdown and conversion of the $13M this month without legal notarisation, realising that notarisation is inevitable, or we'll get another extension for the drawdown (it can be extended for up to 12 months after our vote last year so another couple of months should be enough time, even for S.A. clerks)
Once we have notarisation Zinjin can then act out their intentions; and I do agree with you Merle, a take-over looks most probable.