Ann: Trading Halt, page-20

It's a useful analogy of how things can go badly wrong at the build phase nk. Tbh I think we have a superior project in terms of scale and scope, and some of our infrastructure such as the deep water port is already in place. The other complication GPR have is having to relocate hundreds of people and build new homes for them, something I don't think KSN will have to be burdened by.

I don't mind shareholder dilution as long as it's value adding, and it is a way to attract top-tier cornerstone investors onto the register. I see Sprott have partially funded the construction at Woodlark, so potentially that's a blueprint that KSN can look at as well. I think the bigger issue for Andrew C. and the rest of the management is maintaining their credibility and social license to operate in PNG. If they deliver Misima on-time and on-budget, 99% of investors will accept the associated sh dilution. However, they only will get one crack at it, so it's vital that they do deliver otherwise we will end up as the twin-brother of GPR.

Agreed, I can't see the PNG sovereign risk as a factor for GPR here, but having a skim through the latest construction update there are clearly some MAJOR problems going on at site, and clearly there has been a massive leadership failing. Over on the GPR thread I see a lot of familiar names from other gold threads that have been caught up in the fiasco.

KSN have made no major mis-steps - yet. The acquisition preso will be a good read.