Minority shareholders will not be on the register when mine contruction gets the all clear. I base this view on the fact that Zijin has made an application to South African authorities for permission to takeover NKP.
Years ago when Xstrata signed a joint venture agreement Minorities saw the opportunity of investing in a miner. Unfortunately thanks to Genorah's greed over Tubatse , general mismanagement and going broke all investor dreams disappeared. Minorities were at the mercy of Genorah surviving which in turn became NKP's survival. Genorah as majority holder has always held the keys to our future. NKP was their vehicle to raise funds from abroad to pay for exploration and possible JV or takeover.
You may recall that NKP directors except for Landau were also directors and SHAREHOLDERS of Genorah. There was a conflict of interest clearly displayed when they failed to cancel the 250m shares received for Tubatse farms which were subsequently lost.
The Board control of NKP has been passed to Zijin thanks to Genorah retaining and then selling those 250m shares. Z now controls our future with their loyal Board of directors. Genorah will survive thanks to its BEE interest and royalty income. Minorities in turn will exit one way or another. Hopefully at a reasonable price.
Yes a tragic investment in a world class asset that Zijin will enjoy thanks to Maredi and Co.
NKP Price at posting:
5.5¢ Sentiment: Buy Disclosure: Held
