Re-read all the announcements on the 27th November and 5th December about substantial holdings it keeps saying "Guarantee and Securities Mortgage" from Jin Jiang Mining to Genorah. This means that Jin Jiang and Genorah are clearly acting together.
My mate says that back in December 2013, Zijin released $7m of their $20m bond which $5.48m went to re-finance Genorah. Note the money went into NKP, then NKP lent the money to Genorah. When Zijin converted $20m they got just over 202m shares. The 2m+ shares were interest on the $7m which NKP had to fork out. I don't know about you but $5.48m is a significant transaction since NKP at that time only had like $3m cash in the bank. This should have gone to a shareholders vote.
Our group wants this $5.48m plus interest to be repaid into NKP coffers. In the last quarterly NKP has $5.36m left in the bank and there could be liquidity issues in the medium term if nothing is done. We are even looking at calling an EGM to do so. Remember this is NKP money which is yours and mine. The other thing is that this will force the Genorah idiots to finalise their share sale agreement (announced back in April 2014) so we can all move forward. This company has been in limbo because of Genorah's inability to sort out their internal mess. If you are wondering the group that I am a part of has about 140 shareholders and well more than the 5% of the votes to call an EGM.
Remember that since Genorah and Zijin are related parties they will not be able to vote if an EGM is called to recover this loan.
We use this as a springboard to then seek an independent director or minority representative to make sure our voices are heard
Anyone out there that wants to join in our group just email me on [email protected]
NKP Price at posting:
7.6¢ Sentiment: None Disclosure: Held
