The trouble with conspiracy theories is that the facts get in the road.
Even if Pala wanted to rip off all the small shareholders there are a couple of things standing in the way.
1. The project is a partnership. Kasbah is the major partner but Toyota and Nittetsu hold 25% between them. Partners have to act in accordance with partnership agreements and it seems unlikely that Toyota and Nittetsu would stand idly by while Pala plays games with its shareholders to the detriment of its partners.
2. In any case Pala, while the largest shareholder of Kasbah, is not the only large shareholder. Lion Selection and a string of other shareholders representing tin smelting and trading interests are also significant players.
Yes, former directors have explanations to make and Yes the original deal with Pala was on the nose, but that is more likely to be evidence of a stuff up than a conspiracy. For WIIW I'm inclined to think that the mine is more likely to be built under the current setup than under the previous one.
KAS Price at posting:
1.3¢ Sentiment: Buy Disclosure: Held
