Ann: Results of Non-Renounceable Rights Issue, page-60

Reliance Rail may not be Rio or BHP but as a cornerstone investor or project partner it has (or had) some important attributes - local, active and successful. Further - and unlike Diversified Metals Holdings - a Google search actually reveals something. Fancy that. Yes, I can see why Kogi may have been nervous about a deal with a smallish Nigerian company but there are many ways a deal could have been structured to protect Kogi should Reliance not performed. UKWoody would know know how to do that - and undoubtedly proposed something appropriate but his reward was to see the deal canned and himself terminated. With that history it is hard to see any other well-heeled Nigerian company wanting to work with Kogi.

If there is any corporate interested in Kogi the current share price must surely flush them out. Iron ore and steel are booming and Kogi - if it is as good as some suggest - must be considered dirt cheap. If a takeover offer from someone with horsepower is not forthcoming at current prices, it's not coming.