AVZ Top 20, page-922

I’ve said it many times , this goes to Chinese unless non-Chinese entity cone in . They have t ad yet either as equity or offtake . Do we think mgmt don’t realise this , the Chinese mo is to strangle the share register and offer a TO at 75% premium , normally when they have mgmt snd retail in a no other option position . With bcn they did this by coming in on the register as a development partner . They would have maybe done the same here but for FIRB block (as firb realised what they were doing). Here they are now cornering with disguised cash raises ( possibly coorfinated with delaying tactics on other DRC deals and infra). Eventually we will se them bed mgmt when mgmt have nowhere to go. The only saviour would be non Chinese partner or investor but until they show up and help NF with cash , deal partner offtakes then this is a Chinese submission . Expect a mean TO off of about 175% Vwap once they have NF snd retail cornered . Offer will be through parties that prevent FIRB spotting / blocking .