Ann: Mineral Resources and Ore Reserves Statement December 2024, page-56

First 56 Last

Share
Profile

Follow
Gymjunky

4,831 Posts.

1253

24/12/24

18:31

Post #: 77181253
Share

Originally posted by miningnut: ↑

Only talking hope but I haven't forgotten the promises year after year that shareholders would get an 'immediate' benefit from the NE sale by way of a special cash distribution - an in-specie distribution of shares in NE as part of the Canadian IPO would be acceptable as long as there was a dual listing of the new NE on the ASX.
What wouldn't be acceptable would be that KCN kept a controlling shareholding of up to 50% in the new NE after raising exploration funds by selling say 50% of the new NE to Canadian investors and there was no cash distribution or in-specie share distribution with an ASX listing to current KCN shareholders as that would be a blatant unforgivable broken promise.
I've always had the impression that JG wanted to keep NE and RSK was happy to sell it - I just fear that JG at the end of the day has got his way - JG did say at the AGM that there would be 'a benefit' for shareholders from the sale of NE(into an IPO presumably) but as we all know he can be very loose with his words and they're not always as a normal trusting person would interpret them. If his 'benefit' is merely something intangible in the future(a piece of fluff) then this year's revolt by shareholders expressed in voting on the remuneration report will pale into insignificance as this promise made to shareholders year after year cannot be recklessly broken.
It will also be interesting to see if a certain two guys become Directors of the new NE Co and draw additional Director fees - an immediate 'benefit' to them.
The other big problem for KCN shareholders would be if KCN held 50% of the new NE Co then when it came time to build a $250mil plant at NE then up to 50% would have to be raised by NE shareholders as no finance Co would finance more than 50% of the plant in a country like Chile to a junior explorer, so KCN would have to contribute $62.5mil to this funding and that would reduce the amount available for dividends in KCN - hardly a 'benefit' for shareholders.
I await the details and hope for the best but fear the worst.

Expand

What you think of the resources upgrade weren't you expecting 13 to 15 years mine life like me?
Maybe that's why it came out after the AGM.

KCN Price at posting: $1.28 Sentiment: Buy Disclosure: Held
5 Upvote

0 Great analysis

Reply

Top Stories

Listen: HotCopper Wire Podcast 013 - They changed the IPO rules (and that's a good thing)

MEM

Many are concerned about global falling birthrates. This diverse stock has solutions

ASX Market Open: Shares down as Trump threatens 'real end' to Israel-Iran conflict | June 18

LU7

Lithium Universe leaps 40% after buying rights to flashy solar panel recycling tech

Almonty Industries – Now it is getting critical!

First 56 Last

Add to My Watchlist

What is My Watchlist?

A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.

(20min delay)
Last $2.41		Change -0.030(1.23%)		Mkt cap ! $628.9M

Open	High	Low	Value	Volume
$2.45	$2.46	$2.40	$1.189M	490.8K

Buyers (Bids)

No.	Vol.	Price($)
8	14665	$2.40

Sellers (Offers)

Price($)	Vol.	No.
$2.42	47161	20

View Market Depth

No.	Vol.	Price($)
12	16405	2.410
13	52749	2.400
9	36259	2.390
5	33494	2.380
5	38200	2.370

Price($)	Vol.	No.
2.420	16155	11
2.430	20090	12
2.440	21442	10
2.450	50397	10
2.460	45695	8

Last trade - 11.27am 18/06/2025 (20 minute delay)

KCN (ASX) Chart

Ann: Mineral Resources and Ore Reserves Statement December 2024, page-56

Listen: HotCopper Wire Podcast 013 - They changed the IPO rules (and that's a good thing)

Many are concerned about global falling birthrates. This diverse stock has solutions

ASX Market Open: Shares down as Trump threatens 'real end' to Israel-Iran conflict | June 18

Lithium Universe leaps 40% after buying rights to flashy solar panel recycling tech

Almonty Industries – Now it is getting critical!

Featured News

Buyers (Bids)

Sellers (Offers)

Featured News

Ann: Mineral Resources and Ore Reserves Statement December 2024, page-56

Top Stories

Listen: HotCopper Wire Podcast 013 - They changed the IPO rules (and that's a good thing)

Many are concerned about global falling birthrates. This diverse stock has solutions

ASX Market Open: Shares down as Trump threatens 'real end' to Israel-Iran conflict | June 18

Lithium Universe leaps 40% after buying rights to flashy solar panel recycling tech

Almonty Industries – Now it is getting critical!

Featured News

Buyers (Bids)

Sellers (Offers)

Featured News