ECE knew in 2013 that it was very unlikely to get another CR approved by FIRB itself. Since in 2011 China had bought 15% of CBMM with CITIC and other Chinese companies, Kanyika was no longer a high priority for China and ECE and put KNP on hold.
All it took was a trick and a company that existed only on paper, Apollo/Alice! The voting mistake was made knowingly and Apollo got for $11.5m the shares existing until today and with >50% the absolute majority.
ECE decides how, what and when something happens with the KNP and as a result of the priority set, Bo Tan had to come into play with the result what we know.
SP from 11c down to just above 5c, up to 6.9c and CR now to 3.7c!
ECE and its associated or to be included Ao-Zhong, Apollo and Bo Tan, will soon hold >80% with approx >540m shares in GBE.
ECE (and others lol) could initially, to remain just above 50%, dilute over 30% of its stake with correspondingly high shares, however.
For the USD 70m planned in Q1 2024, the SVM example could be considered, for example, which ECE and FIRB could certainly be most comfortable with.
Everything can be different for all I care, but with the best will in the world, especially after this last CR, I can no longer imagine it.
GBE Price at posting:
4.0¢ Sentiment: None Disclosure: Held
(20min delay)