Ann: Kin And PNX Merge to Create Exceptional Platform for Growth, page-21

I noticed in footnote 2 on page 1 of the merger announcement that KIN’s cash position is now 66.1m. It was only 47.3m in the corporate strategy update on 25/3. There could be a few reasons KIN are continuing to raise cash and to fund development at Fountain Head is definitely one of them imo.

An economic DFS would probably get KIN shareholders to vote for the merger. They seem to have talked about a DFS for a couple of years at PNX but released nothing. Is it too much to hope it has been progressing in the background? And could be released ahead of the KIN shareholder vote in the August General Meeting to approve the acquisition of Delphi’s shares in PNX? Just guessing but would think some kind of positive news out of PNX will be required to get KIN shareholder approval anyway. They certainly aren’t rushing the merger so there is time.