egm notice finally came on 3 jun 2010, page-3

I am very baffled by the valuation they are claiming for the Melrose project. It appears to be only a small low grade deposit.

And I think the market is spotting the weird valuation as well.

If we value KOR's phosphate project at 10c, say, that means the market is valuing the Melrose and Lugansk IPO's at a combined 30c. Lugansk, imho, is worth the 20c per share they are claiming which leaves only 10c for Melrose. Yet KOR is constantly claiming it can offload both projects for the same value which is quite amazing considering the significant differences (grade,size, etc) between the two of them.