Ann: Kipoi Project Update , page-11

Me too. I keep on thinking the worst is over, but TGS just goes from one fiasco to another.

Look, there is a chance this will be resolved quickly through discussions. Seems to be standard practice to hold publicly listed companies to ransom, knowing shareholders will punish the price on title disputes.

Chances are they extract another million or so we get out 50% and it goes quiet for another few months.

Congo M knew ages ago what the next payment was going to be yet apparently delayed declaring the dispute until more cash was wired.

Clearly the partners: government or Congo M cannot be trusted with any contract, so who knows what the next try-on will be.

Biggest problem here is not the extra dough we might have to fork out for someone's Mercedes upgrade but the impact this continuing uncertainty will have on the ability to finance on reasonable terms.

Management might accept a very costly finance option which completely stuffs the shareholders but allows them to 'deliver' on the project.


I have done a little digging today and it appears there might be some unsavoury ties. It might explain the complete history of TGS and the markets reaction to it's project.

Look for Congo Minerals in here:
http://www.ipisresearch.be/download.php?id=76