igc become a shell company, page-7

Welcome back Selfsell.

Hi all.

Remember this market release announced on 7th August 2008.


"• Exclusive Option Agreement signed between IGC and Nkwe for option over IGC’s interest in three “farms” in Bushveld complex in South Africa. Upon exercise of the option by Nkwe, Nkwe and International Goldfields agree to facilitate the acquisition of the 15% interest in the Tubatse Project by way of a scheme of arrangement
(i.e. cash and/or share offer to acquire all of the issued share capital of International Goldfields).

If a scheme of arrangement is not implemented, Nkwe and International Goldfields agree to pursue the sale of the 15% interest in the Tubatse Project by way of an
asset sale. Settlement will be conditional on the receipt of all necessary governmental, regulatory shareholder and third party approvals and consents."



It was always going to be a scheme of arrangement (merger) for all of IGC including money in bank and 15% stake. And then if not agreed upon, an asset sale was the last choice. So what gives TS the right to decide on the least beneficial to all shareholders, which he must have known that we were waiting for (the 39c/share)


AND THEN THERE IS THIS

"12 January 2009
IGC Finalises Merger Terms @ AUD$60m Valuation

Key points:
- International Goldfields Limited board sets key terms for merger with fellow Australian-based platinum company NKWE Platinum Limited,
- Cash offer (by way of Scheme of Arrangement) proposed for each IGC Share based on a project valuation of AUD$60m for IGC’s interest in the Tubatse Project
- Merger terms structured to consolidate ownership structure of one of world’s most prospective platinum tenement areas"



AND... Straight from TS himself..

"IGC Executive Chairman Tony Sage believes that it was imperative for the ownership structure of this tenement package to be consolidated, concurrent with IGC shareholders receiving a payment that recognised the project’s current value.

“We were united with NKWE in the belief that a consolidation of the ownership structure needed to occur as the project developed towards a significant production asset,” Mr Sage said.

“That being said we were also very strong in our belief that our own shareholders should be rewarded for the current value of their holding.

“We believe the terms that we have proposed to Nkwe are reflective of this and will ultimately be supported by the Nkwe board.”"

So even TS at one stage was saying that shareholders should be rewarded for the current value of their shareholdings (by receiving a payment) and it was just a matter of NKP agreeing to the terms.

So TS has done a complete turn around, chose the second option and no longer cares about shareholders being rewarded via a scheme of arrangement.

So what happened between then and now to convince TS that the shareholders did not need 39c per share???

VOTE NO....