Mentalist123, page-44

With the Duke Exploration/True North Copper transaction the only major issue is that a UK Private Equity /Investment House called Tembo Capital will end up with up to 26.9% of the new reconstituted DEX, I don't imagine the Austrlian FIRB would have issues with a UK based Tembo but the sheer size of their holding in the reconstituted DEX/True North Copper merger may be an issue. Here is a screenshot of the details of the DEX/True North Copper document released to the ASX today. As you can see in this screenshot it will be the current holders of DEX who will take it up the clacker with massive dilution.





I looked into Tembo and they seem like a legitimate and successful long-standing UK based Private Equity advisory service started by David Street and John Hodder, Street is an M&A specialist and Hodder is a geologist with technical expertise, they seem to like picking up "distressed" assets and/or refinancing and have been investors in many different companies lately (some of which I'm in and some not) but the list includes Gascoyne Resources (GCY), Paladin Energy (PDN) Strandline (STA) and Genmin Limited (GEN).

Glad I am not holding TBA anymore but will be watching with interest what actually happens at the Great Australia site in particular and the surrounding Cloncurry area. Looks like True North Copper Pty Ltd picked up most of the ex-Round Oak staff and expertise when True North Copper brought the Cloncurry part of the Round Oak Minerals business off WH Soul Pattinson (the rest of Round Oak went into Aeris Resources AIS in a merger).