Ann: Change in substantial holding from Delphi, page-8

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20/02/23

10:32

Post #: 66343197
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Originally posted by RnR: ↑

Little doubt that Delphi have had effective control of Kin for some time RooB.
Delphi had two board nominees from mid 2022 with the appointment of Johnstone and Delphi's Plagmars has been there since 2019 I think.
They've been highly supportive and tipped in a heap of cash and were the only significant participant in the last raising.

The thing now is to what end and what's next for all shareholders?

Outside of normal exploration there has been no real messaging from Kin about what they are doing.
Committing large amounts of cash into the DCN playpen ... for what.
Apparently 'to further assist in KIN’s preparation to be involved in the ongoing consolidation in the Leonora region'Ok initially maybe, but an end of Feb 2023 what does this mean?
By this stage at least Kin needs to explain, not just repeat empty motherhood statements like 'Other growth opportunities may come from the identification, due diligence, acquisition and or investment in potential new projects and other opportunities.'
Whether the Kin Board are beholden to Delphi or not no doubt they know that the 40+% of sh who sit outside the Board room remain basically uninformed on the ambitious and expensive Kin-DCN expedition.
Kins has recently spent $11m in sh cash on DCN shares at 12c, now at just over 9c with the GMD offer definitely closing 20 Feb.
During 2021 and the SBM 16c script offer the sp was in the mid-teens the MC was around $100m with 700 m shares on issue and the MRE around 1.2m oz at 1.27g.
Now the Kin sp is down to 5c the MC is about $59m with almost 1200 million shares on issue and the MRE is1.4m oz at 1.27g.
And there's a rolling cashflow crunch.

What is the strategy?

Assuming the Kin Board do know what is going on, and for obvious reasons cannot lay out all the clever stuff, is there anything to say beyond the repeat motherhood statements above and the idea that DCN was cheap or good value?

The potential upsides in a Kin+Delphi DCN position are fairly clear (although not from or through messaging from Kin), what are the downside risks now for Kin as the DCN mill shuts down and the GMD offer closes, leaving the totally p'd off GMD push on with there frustrated HH plans.

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Mmm why piss of GMD and St Babraa they have all the mills!! why not be a shareholder and be friends!

KIN Price at posting: 5.3¢ Sentiment: Sell Disclosure: Not Held
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