On 16th February 2022, Appian announced they had sold their 19.9% shareholding in Peak to Shenge for 99 cents a share. On the 14th February the shares appear to have been trading on the open market at an opening price of 90 cents and closing at 76 cents a share. This, with no Special Mining Licence, on the horizon. The SML was granted on 25th April 2023, over a year later. It is worth noting, that in February 2011, Peak's shares reached the giddying height of $7.73 (and that is after accounting for the 10:1 consolidation). Therefore, I would have thought that Shenge's offer should be considered as derisory, and that shareholders should hold out for a considerably improved offer from Shenge, or another party. Ngualla is a valuable resource, in an increasingly difficult world, and long term shareholders deserve better.
PEK Price at posting:
33.5¢ Sentiment: Hold Disclosure: Held
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