Ann: Completion of Due Diligence and Notice of Me, page-53

re: Ann: Completion of Due Diligence and Noti... Okay everyone, along with a few people, i have been jumping up and down and calling foul play due to the 380 million share bombshell to JEDI. However, i did receive my reply this afternoon which is below:

Dear Sir

Thanks for your interest in our Company.



A stated in the Notice of Meeting Jedi Resources has played a significant role as a consulting party in bringing to KRL the Pakar Coal Project and negotiating its acquisition from Bayan Resources, through to completion and final execution, including all associated due diligence.



KRL has consistently stated on all ASX announcements that the total shares to be issued for the Pakar Coal Project is 2,305,000,000 (2.305 billion shares). The allocation for these shares is split between PT Bayan Resources and Jedi Resources (1,925,000,000 and 380,000,000 respectively) as required by the parties which KRL has contracted with to acquire this project, but these shares should all be considered together as the total cost of this project. The Independent Expert Report that accompanied the Notice of Meeting considered all these shares as such in determining fair value.


Absolutely spot on! Checking back through old announcements, the share allocation to reach the $277 million was stated as 2.305 billion shares. It's just that for want of a better way of putting it Bayan are giving those shares to JEDI.

So there you go!

Feeling a lot happier, and also a little dumber for not checking my facts a little better!

And the market today does not seem unhappy either. And at the end of the day, that's what matters.