Ann: Paterson Exploration Project - IGO JV Update, page-72

Perhaps not of significant relevance but I have been keeping one eye on the Renison JV partners – Greentech (HK:195). Late last year one of their directors (Mr. Koo) increased his holding from 12% to 30% by paying significant overs on market – you can see below that it effectively drove the SP from 4c to 20c and at the time I certainly speculated he was going for control and potentially coming for MLX/Renison given that Greentech is just a Hong Kong holding company with one asset – the JV stake in Renison.

Whilst it’s been a long journey, it seems Mr. Koo has finally completed his power grab yesterday at the annual general meeting - voting out the prior chairman Mr. Li Dong. There were plenty of games being played for board room control including litigation attempts and an attempt by the now ex-chairman to issue stock to a Mongolian mining company in order to dilute Mr. Koo's voting power. Koo became Chairman on 14th April, killed off the Mongolian deal in July and had practically all the old board members resign in mid July before finally ousting the old chairman by a vote yesterday.

One hell of a board room battle and for what? Perhaps we are about to find out.... but bizarre it occurred in what is just a shell company holding the other 50% of Renison JV.