Ann: Mineral Resources and Ore Reserves Statement December 2024, page-56

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Gymjunky

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24/12/24

18:31

Post #: 77181253
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Originally posted by miningnut: ↑

Only talking hope but I haven't forgotten the promises year after year that shareholders would get an 'immediate' benefit from the NE sale by way of a special cash distribution - an in-specie distribution of shares in NE as part of the Canadian IPO would be acceptable as long as there was a dual listing of the new NE on the ASX.
What wouldn't be acceptable would be that KCN kept a controlling shareholding of up to 50% in the new NE after raising exploration funds by selling say 50% of the new NE to Canadian investors and there was no cash distribution or in-specie share distribution with an ASX listing to current KCN shareholders as that would be a blatant unforgivable broken promise.
I've always had the impression that JG wanted to keep NE and RSK was happy to sell it - I just fear that JG at the end of the day has got his way - JG did say at the AGM that there would be 'a benefit' for shareholders from the sale of NE(into an IPO presumably) but as we all know he can be very loose with his words and they're not always as a normal trusting person would interpret them. If his 'benefit' is merely something intangible in the future(a piece of fluff) then this year's revolt by shareholders expressed in voting on the remuneration report will pale into insignificance as this promise made to shareholders year after year cannot be recklessly broken.
It will also be interesting to see if a certain two guys become Directors of the new NE Co and draw additional Director fees - an immediate 'benefit' to them.
The other big problem for KCN shareholders would be if KCN held 50% of the new NE Co then when it came time to build a $250mil plant at NE then up to 50% would have to be raised by NE shareholders as no finance Co would finance more than 50% of the plant in a country like Chile to a junior explorer, so KCN would have to contribute $62.5mil to this funding and that would reduce the amount available for dividends in KCN - hardly a 'benefit' for shareholders.
I await the details and hope for the best but fear the worst.

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What you think of the resources upgrade weren't you expecting 13 to 15 years mine life like me?
Maybe that's why it came out after the AGM.

KCN Price at posting: $1.28 Sentiment: Buy Disclosure: Held
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Ann: Mineral Resources and Ore Reserves Statement December 2024, page-56

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Ann: Mineral Resources and Ore Reserves Statement December 2024, page-56

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