So, a 40% take up of entitlement from minority holders!
It appears majority of minority holders do not wish to continue with this battle for ownership with our major holders and this has been the case for some time.
Our major holders, unfortunately, can just increase their ownership with each CR. Todd ownership will now increase to 60.7% and OCJ to 21.2 while minority holders reduces to 18.1%. (These figures in themselves are not huge changes but added together over past few years have most certainly become significant and no doubt we will continue to see this trend)
Of course it also means that only $1.98m is available for general working capital and brings the next CR closer once again (a self fulfilling prophecy perhaps!?)
Any delays in completion of studies will see reserves run down again before the next stage (after completion of DFS) which would be FID and raising the full development costs, of course assuming everything stacks up to go to production.
(Anybody who has any experience investing in these sort of companies know that timelines are often (shall we say) stretched for various reasons)
I have always believed that one of our best defences against majority holders taking further control is to stick with them and ensure we maintain our piece of the pie which sends a clear message and ensures swifter actions (they get sick of just putting capital in without any benefit to ownership percentage).
Clearly this is not a majority view although it flies in the face of the anti Todd sentiment still bubbling away here which appears to be working well and I presume many feel it is a lost cause (but continue to hold)
Oh, well, fair enough, no point me continuing to waffle, I guess at least it keeps our majority holders happy
