Ann: Ceasing to be a substantial holder from RSG, page-16

A few years back RSG invested in several juniors - Olko, Mako, Kilo and maybe a few others including Orca. At the time RSG had new managment and was going through a re-invogoration period and wanted to be seen to be active. The amounts invested weren't significant to RSG, but gave them toeholds in the juniors - so strategic value, relationship value and PR value for RSG. All good.

RSG currently don't need this tiny amount of cash so that isn't the driver for the sale. They have long been buying OKU on market and in crossed trades so this new acquisition is consistent with that theme. RSG have clearly identified OKU as being something they want to become more involved with and now have a blocking stake in OKU. I won't comment on the merits of OKU here.

I'm surprised that RSG have made the decision to sell out of MKG. Again, isn't driven by a need for cash so is likely a combination of strategic and administrative/management simplification (they would have had people monitoring the progress of the invested companies so maybe they though it better to focus on fewer of them). That said, I'm not concerned with my investment in MKG. I still like the project and the exploration potential. If RSG turn out to be wrong, it wouldn't be the first time that an intermediate gold company has got it wrong.

I missed the block trade ont he day, but RSG acted honourably and crossed it so as to not hurt the market for MKG. I'm interested who soaked the 15M shares up - haven't seen any new holder notices coming out so must have been spread around.