Ann: Trading Halt, page-15

PEK can sell down its direct interest (currently 84%) in the MAMBA companies to Shenghe and requires no FIRB approval.

Apart from the ANSTO developed beneficiation tech and some preliminary studies and an option for Teeside refinery, PEKs' only significant asset is its 84% interest in the Tanzanian op-cos, nothing else, the value lies in the Tanzanian companies not the Australian company. Why would Shenghe want to increase its shareholding in a high tax and regulatory jurisdiction like Australia when it can go further upstream and buy into the projects themselves.

I would welcome Shenghe's operational and strategic involvement in Ngualla - PEKs past performance has shown to me irrefutably that it is unable to manage the project itself. Sometimes I have wondered how PEK have managed anything more difficult than the office cake trough ... trolley. Shenghe's professionalism and business acumen, imo, may finally provide PEK long suffering shareholders the opportunity for significant increase in wealth.

Alternatively, if PEK is able to sell outright our 84% interest in MAMBAs at anything above A$400m, with maybe a 1.5% royalty on any non-ree minerals - then I would vote yes (any material divestment would require shareholder approval per ASX Listing Rule 11.4) . Unfortunately this would still leave me with a substantial loss as my average buy-in is embarrassing.