Double wow we, Genorah are cashing out some of their position:
"In addition to the Convertible Bond Transaction, Zijin has entered into a conditional share sale agreement with Genorah (Nkwe’s largest shareholder) (“Sale Transaction”). Under the terms of the Sale Transaction, Zijin will purchase 145,880,907 ordinary shares in Nkwe from Genorah for a total purchase price of AUD$18,364,518. The Sale Transaction is conditional on the satisfaction of various regulatory and internal approvals, with such approvals to be obtained on or before 30 June 2014."
That's about 40% of Genorahs shares I think, this equates to circa 13c per share. Genorah still hold a fair chunk. And are moving over to let Zijin in their beds... In addition to their shares held, Geonrah still must at all times retain their fixed 26 % of the asset.... IMO this 13c would be a discount to let Zijin in the door to develop....
Things are really starting to heat up, I can't wait to see the next instalment, final condition precedent for SA govt approval, and where Zijin want to tak this....
Ps, Zijin clearly not phased by any pending legal challenges on our assets, which NKP has always maintained in its announcements that that was the case!!'
Giddy up
NKP Price at posting:
9.5¢ Sentiment: Buy Disclosure: Held
