Last week I wrote to the NKP Company Secretary and also the ASX...

Last week I wrote to the NKP Company Secretary and also the ASX with regards to the announcement pertaining to the IOP writ.

I advised the ASX that I had received notification from IOP on Jan 18th that they had communicated to NKP of legal action for an outstanding debt related to the Tubatse agreement.

I also indicated that I had received from an NKP shareholder written evidence dated Jan 20th that IOP had come to an agreement with NKP that Genorah was to pay the debt and that legal counsel had been instructed to discontinue action.

The NKP announcement dated 22nd Jan did not make any reference to a pending resolution between IOP, NKP and Genorah Resources. In my opinion as a result on non disclosure of this fact the market was not provided continuous disclosure. This failure most likely contributed in some ways for many shareholders exiting the stock and the sp suffering a major fall.

The reply from NKP was that no resolution had taken place and the writ had not been withdrawn.

The reply from the ASX was their standard reply referring me to the IOP announcement and advising that they will continue to monitor NKP on this matter. No indication that they will investigate WA Supreme Court filings to determine if and when the writ was withdrawn. I attempted a search but was told initially only a lawyer could have immediate access to the database and secondly such a request required a paid lodgement which may take some time for a response.

In conclusion the above shows the inadequate system shareholders are faced with when it comes to seeking knowledge about their investments. A system with high risk and little satisfaction in my opinion.

If/when an announcement is made by NKP/IOP that the debt has been cleared it will be interesting if someone could investigate time stamps on the withdrawal of the writ. Unfortunately this will have no consolation to NKP shareholders that exited in fear of NKP going under due to the massive debt as per the writ.