Pargolf,Your guess is as good as mine. Initially the Enigma...

Pargolf,
Your guess is as good as mine. Initially the Enigma spin-off was due in early 2008, then it went to late in the March qtr due to the surrounding tax issues. Now, coming toward the end of the financial year and we still haven't heard anything. It sounds like the directors have been putting a fair bit of their attention to the davis samuel matter as well as divising ways to offload their own holdings, and put Cawse on the back-burner. Additionally we are still awaiting an update from Norilsk, which may be why TNG are delaying things further. It might also be beneficial, from a tax sense, to wait until the new financial year before progressing.

So in answer, there are many possibilities for the delay, but I would imagine with the sp lingering around the 10 cent mark, that the directors would be keen to get some good news out there. As many here have said, this project has the potential to add around 20 cents to the value of TNG, which makes the current sp seem ludicrous.

Good Luck to All and try and remain patient,
Ken