There is no doubt the Salim Group are in a good position through...

There is no doubt the Salim Group are in a good position through backstopping the last 3 fund raisings.
But I do not think they control the Board......... YET!
As I keep pointing out: 37 per cent is not 51 per cent and Salim have one of 3 directors.
Two of those directors are now behaving like independents.The advisers would know that the best way to finance this project is to sell down equity.
If Salim are not happy with this then they will need a board spill and that will provoke a lot of unwanted attention.
There is a group of Queenslanders and overseas investors headed by Dennis Wood who have paid much more than current prices and own about 35 per cent.
The advisers were appointed only 4 weeks ago.I would expect to see some market action in about 3 or 4 weeks as the funding process moves forward.
The Salim Group have been the cornerstone investor to get to this stage and have taken advantage of a situation that was open to all.
They have an excellent track record in the resources sector and are unlikely to put their reputation at risk by making low ball offers.
KGL is now in play so be patient!