Minimum Local Shareholding and Listing Requirements for Mining Companies, page-181

Hi sroyal,

If you review all the posts in this thread, mine in particular, you will find the answers to your questions. MDA could only ever bind the government to discretionary decisions it could make. 30% listing IPO is not a discretion, it is mandatory unless the IPO fails to attract 30%.

What's more is that a waiver, under reg 4(2) of the Regulations, can only be granted where the licence holder has failed to secure 30% local ownership due to an unsuccessful public offering:

Where the holder of the licence has failed to secure the minimum local shareholding due to an unsuccessful public offer, the Minister may:

(a) upon application of the holder of a licence granted under the Act; and
(b) on the recommendation of the Authority, grant a waiver to the holder from the minimum local shareholding requirement.

So what does MNS need for a waiver?

First, an unsuccessful public offer.
Second, for the Minister to exercise his or her discretion ("the Minister may").
Third, MNS must make an application.
Fourth, the Authority must make a recommendation.

So where's the evidence of an unsuccessful public offer? I hate to be the messenger of bad news but MNS' idiosyncratic belief that the IPO could be unsuccessful is not enough for purposes of the Regulations.

PS - told them so, tried to warn them, they didn't listen, I was right, MNS was wrong.