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dbd25

6,740 Posts.

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26/10/22

16:12

Post #: 64411453
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Originally posted by LovesMining: ↑

transcript of what I was looking for :

At 40:36 -
"...and the question was - who will own the final quarter of the project moving forward?
The final quarter belongs to the Black Economic Empowerment partners. In terms of South African legislation, a portion of the company needs to be (unintelligible word) to black people and that means that umm it doesn't mean that its a free carry, it doesn't mean that its a ride along, it means just that the makeup of the company, the ownership has to be (unintelligible word) of the demographic, but it has to be fullfilling all the other commercial requirements as you would expect on any other project.
So, that portion of the company, that 200 million dollars which is about 52 mill dollars must be funded by the BEE component of the company, and that 52 million you might think that's a huge number, but SA has got many projects with exactly the same requirements are being put forward and has been for the last 25 years. So its a very well developed financial structure in making sure that these BEE components are actually financed and we do not expect any issues with that."

That settles it for me - am a happy chappy.

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Someone is continuing to shake the VR8 tree, but no leaves are falling. Too many diamond hands. (Ha!)

All IMHO, DYOR

VR8 Price at posting: 7.5¢ Sentiment: Buy Disclosure: Held
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