agm video, page-9

I have finally had time to watch the video of the AGM and I disagree that RS was unprofessional. He is obviously deeply connected to KCN (financially as well) and as he pointed out, the decision to aggressively mine before the close, with a resulting dramatic increased output of gold, put them in a strong cash position after the close. I also agree that the move to increase the political risk insurance showed that the BOD was aware of the risk of what was about to happen and they did something about it.
Both of these decisions were very smart moves.

Another interesting point made by the CFO was that the legal costs of the litigation against Zurich are factored into forecast cash requirements for 2018 and KCN has the cash to fund it. So it is not some unmeasureable black hole as some on this forum have suggested. Clifford Chance and the barrister are required by law to enter into a costs agreement with clients and so the cost of the litigation is a known not an unknown.

The other interesting point that was made was that Zurich have not denied that it is in the slot for a payout - rather the legal moves so far are argy bargy about how much. We say USD 200m - they say less. It seems to me that what has happened to KCN could easily have eaten USD 200m so Zurich might be just doing the usual Insurance Company thing of trying to get out of/ minimise a payout.

I think that RS came across as a person who is right across the facts and the history, was instrumental in getting the mine happening in Thailand despite the difficulty of operating there, oversaw a very successful mining operation that paid dividends to shareholders and he clearly resented MTR telling him how to suck eggs when they have not even demonstrated an ability to get their own mines started.

So I think his dismissive attitude to the MTR inquisitor was quite understandable.

Finally RS has a lot more to lose than I do if the company is not successful against Zurich and via the TAFTA action. So I would rather that the fate of KCN be in RS's hands than that of an opportunistic recent purchaser of 6% of shares at the bottom of the market.