You can draw any number of inferences about why the Rivet companies went into Administrations. The 'dog ate my homework' blame shifting speculation mentioned by @RooBendigo just doesn't wash, imo that's typical PR blame shift BS that's trotted out during such events to feed the chooks. No doubt the creditors of those Rivet companies and many others, who themselves are or were generally operating in similar tough and uncertain circumstances, would have a different opinion. The creditors are reported to be collectively hundreds of millions of dollars down the drain....but some would have it that management had little to do with it!
Whilst experience of adverse events can often be valuable it does not come close to trumping experience of serious or material value adding, also known as success and happy shareholders / investors. Little doubt that if someone in a senior role in a public co has a transparent and specific track record of substantial and verifiable value adding experience you'd have seen it splashed out somewhere by now in bios / media. Right?
Importantly what's happening next with Kin? The slow grind of exploration resource growth and cash burn continues. Feels like the rate of resource grade/ounces growth is in effect slower than the rate of growth in the capital needed to get a stand alone new operation going. I other words not gaining ground. Lots of risk remains in there.
There's even more lipstick going on now and the for sale sign is clearly up along with a lift in business development activity.
The DCN-GMD playpen can kick off again from 20 June. Will GMD make a new and juicy cash offer for the remaining DCN shares? I think yes, the issue is when as the timing of that with the big plays going on currently with SLR SBM GMD maybe RED driving the strategic agendas. One possibility is GMD could offer say 25c cash for the remaining DCN shares in late June/July and probably? get most of the remaining retail shares. That would put GMD on just under 90% of DCN and cost GMD about $25-30 million. Still a cheap deal for GMD. Then progress on to an improved/new offer with Kin/Delphi (and stragglers) for there holdings in DCN for more cash (? 35cps, cost about $45 million) plus somehow for Kin an ore processing arrangement (on arms length commercial terms of course) or corporate tie up that satisfies Delphi.
If nothing is sorted out soon Kin will need another capital raise (at 3c?) or another loan from Delphi around late July.
KIN Price at posting:
3.5¢ Sentiment: Hold Disclosure: Held
