bfs , jv delays and where i see this going., page-33

Flyboy,

You are right in that it is all crystall ball gazing. The info is not there in black and white so we need to take an educated guess on what the possibilities are.

My reasoning is that;

1. Debt: If NKWE does not have debt on its books it will reduce the project efficiencies in that both the tax base and return on equity will be lower.

2. Equity: NKWE is not looking to list on the JSE and HK for just a few million. There are significant costs to such listings so I can only see it as part of a wider funding / structuring proposal.

We will all have our views on whether the existing JV arrangements will be modified or not, I think there will be changes and that is what the delays are about. Time will tell!

BR
Max