Hairy, the following is cut and paste from Note 23 of 2010 year end report. It would seem that as Vanmag has not settled yet, NKWE will settle for share issue at .055. In order to recover their debt they must have confidence in the CCC sp rising above current price. Seems a fair settlement to me. It seems to me that if holders are not happy with number of shares being issued and consequent dilution, they can vote against the resolutions at the GM. The shares in question have already been issued but by shareholders endorsing the issue we leave the company open to issue further shares in the future with out obtaining shareholder approval first. I do not endorse a negative vote, just pointing out the alternative Cut and paste from 2010 YE Note 23
(e) Loans from other related parties In May 2008, Continental Coal Limited entered into a loan agreement with Nkwe Platinum South Africa (Pty) Ltd, a company which Peter Landau is a Director and Company Secretary, in which $794,400 was advanced to Continental in consideration for Continental providing Nkwe with a first right of refusal in respect of certain Zimbabwean PGM projects facilitated by Continental. The loan is interest bearing and repayable in South African Rand on 31 Dec 2010. The loan is secured by first right of the proceeds from the held for sale asset Vanmag
CCC Price at posting:
46.0¢ Sentiment: LT Buy Disclosure: Held
