dra, page-4

"What price for the shares (equity stake) is the key!"

NKP first proposed this and it seems the DRA agreed to vwap less 10% which is an excellent outcome considering the company is within rights to offer 20% discount.

The 50/50 scenario is interesting. Does it mean NKP would retain 24% and Genorah keep their 26% outside interest? Or does DRA meet BEE requirements?

The reports I was hearing around Febuary were that Genorah keep their 26% but have agreed to cancel the majority of their NKP shares(still in escrow). The net effect was the same as them "gifting" NKP the 26% and retaining 60% major shareholding.

Would be nice to see some shares cancelled. It can only add value to holders and offset dilution.

The devil will always be in the detail. Will be interesting to see exactly what NKP stake in the project is and how many new shares are issue and how much debt we take on. Even if project is fully funded we are living off borrowed funds. We will need a raising beyond NKPO to pay working capital and salaries and debts.

It's a buy below 12c.