Looks like KAH are playing the innocents. Below is an announcement on their website, seems to be from Ambrose who cover them ... points the blame at Dattels & Polo, also give their reason - 'force RIO's hand'
Polo Requests Extract EGM - Seeks Dattels board position
26 May 2009
Polo Resources has announced that it is in the process of requesting an EGM for Extract Resources (in which Kalahari Minerals has a 38.8% stake) to appoint Stephen Dattels as a director of Extract. Polo has a 9.1% interest in Extract, and Mr Dattels has a 0.9% interest in Extract. Dattels commented that Polo is committed to the development of Rossing South as a standalone operation, citing work performed by Polo’s technical adviser that indicates production is feasible as early as 4Q11 using a heap-leach operation.
This is another strategic move by one of the four holders of the Rossing South asset (Rio, Extract, Kalahari and Dattels). Production by 4Q11 seems optimistic to us, but the intent is clear, shedding more light on the potential value of the asset. While this is superficially based on Polo’s desire to take the asset into production, it may also be designed to force Rio’s hand and achieve the best takeover price possible.
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Looks like KAH are playing the innocents. Below is an...
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