Am a holder of this stock for a while and many of my Perth buddies and mates also hold this stock with rumours of "takeover" for over 2 years. My first time on Hot Copper...actually took my son 3 hours to explain to me how to use the internet and open an account
I know that many here are very annoyed that this story has been going on and on without an ending. I have over $200,000 of retirement money invested in this company and I know that there are peole in Perth that has $500,000 or more invested in this company. All of which I can tell you are "Not happy Tony Sage".
One long time close mate of mine also told me that there are also investors in Sydney who apparently hold very large chunks of IGC are also very annoyed and fed up.
Called Sage today to ask him what is going on and what is with the timeframes of "31st October 2008" then "31st December 2008" and now "31st March 2009" which does not look positive.
He says that Nkwe definitely wants the deal and that they did not pay 2.5million shares for no reason. He believes that the deal was to be wrapped up sooner rather than later and that Nkwe is very advanced with their finalised funding.
In regards of the timing he just pushed responsibility hence blame on Nkwe. He also blamed that market conditions. However I can also say this...I attended the AGM and he looked at me in the face and told me that everything is wrapped up before the new year. He even said that Nkwe did raise the money to do the deal in New York and that the price will be a very good one. The price was 50cents per share. They will post shareholders the scheme of arrangement booklet in early January and we wil get our money in Feburary 2009.
Reading JudgeRoyBean comments earlier on the Black Empowerment not having money to convert their unlisted options , I questioned Sage about this...Sage did say that they are broke but assured that this is not an important issue. Sage mentioned that unless they are very close to ending the deal or otherwise they would not be confident enough to agree to the $60million price tag.
Sage did sound nervous when questioned over the unlisted options issue as I do suspect that there are things happening there that we do not know of.
He sidetracked the issue by saying that there would be no problem finding a new buyer anyway and that he has received many enquiries for IGC. I do feel that this is a bluff.
I also called Jane Flegg (simply because I know Tony Sage's reputation as a motor mouth) and she re-enforced that Nkwe is seeking to wrap up the deal sooner rather than later. She told me that Nkwe has always been interested in taking out the 15% of Tubatse because they need this to continue the BFS with Xstrata. The recent move of Nkwe issuing 250million shares to Genorah to take 59% of Tubatse means they now must take out the 15% of IGC to complete the 74% or otherwise jepardise the whole project with Xstrata.
Jane also says that the rogress is very advanced as Nkwe is expected to have their "house in order" very soon. Exact timing is obviously one thing she cannot predict.
I also tried to call Peter Landau and the corporate advisor for Nkwe (Mr Tony Eastman) but both did not pick up. A secretary from Mr Eastman office says that he is in South Africa for some mining conference and other matters which was not clarified. I am going to ring the South African headquaters of Nkwe and ask what their views are.
I feel for everyone whose life has been made worse because of IGC. All I can say is that I know how it feels like and betrayed by Tony Sage who's only concern is putting his personal interest first rather than that of shareholders.
Anyone who wishes to call these people here are their contact details-
Tony Sage- 0419 905 908 Peter Landau- 0407 751 115 Jane Flegg- 08 9488 5220 Tony Eastman- 08 9488 5220
IGC Price at posting:
21.5¢ Sentiment: None Disclosure: Held
