Haven't the last few weeks been interesting? Thanks to UKWoody all (not just some) of Kogi's shareholders now know what happened back when he lined up Reliance Rail as a cornerstone investor. If shareholders are not outraged about what happened, they should be. Then Adelaideoval was asked point blank if he was associated with Diversified Metals Holdings. His failure to confirm or deny didn't exactly clear the air. Meanwhile kevscranes popped up every few days (generally following a negative post) to claim that if Craig Hart had not been appointed Chairman, Kogi would have gone under or lost its licences or something. Finally, and this is my absolute favorite, various punters said shareholders frustrated by the lack of information from the company should call the Chairman and he will bring them up to date. Impossible to beat that.
Underpinning a lot of recent comments has been the failed rights issue. If (and it is just an if) DMH is associated with a group of existing Kogi shareholders, was there ever any chance of the rights issue succeeding? Surely it is time for Board to tell the market who is behind DMH? Given Kogi's history unless there is complete transparency it will be impossible for investors to have any confidence in the company.
The above is all very interesting but probably the most important thing for shareholders is no-one (an iron ore or steel producer or hedge fund or whatever) has taken advantage of the weak share price caused by the failed rights issue and the ongoing aggro on HC. You would think a company which agreed with the more optimistic views of Kogi shareholders would have jumped in and grabbed Kogi whilst it was down. The fact that hasn't happened should worry shareholders because it just might be they are the only people on the planet who think Kogi has upside.
Let's hope the forthcoming Quarterly clarifies everything.
KFE Price at posting:
1.4¢ Sentiment: None Disclosure: Not Held
