Read the Kimberley Metals Notice of Meeting circular sent to...

Read the Kimberley Metals Notice of Meeting circular sent to shareholders recently regarding the proposed 1:2 consolidation pre-IPO. Whilst the ordinary shares and options will be consolidated on a 1:2 basis the directors' performance rights (5 million) won't be according to the wording of the document. My reading of this is that thru hitting the same hurdles the directors will be able to get double the holding in the company than they would have without the consolidation having taken place. There are other problems with the Notice too. In one section they refer to 5 million performance rights and in another if you add up all the individual entitlements it come to 5.25 mill. All in all, not the best crafted Notice I've ever come across - in some places they even call it a 2:1 and others 1:2. Spoke with Steve Lonergan today and raised my concerns with him about the document. He was receptive and saw the problem with the performance rights not being consolidated. I await some response.