In a recent post I mentioned that we should have been pushing harder for an EGM and it's good to see the 'elected' representative has finally done this.
The documentation i've seen looks in order and properly written - which is useful! Previous documentation i've seen sent to the Board and Abraham has been VERY AMATEUR.
Nevertheless, notwithstanding the motion put forward, I still think there is a VERY HIGH risk that the Board will formally reject it. Where to next then?
Well, as I have said, I think we need to prepare for legal action. I don't think it will be necessary, but without being prepared, we will be left on the back foot. Once there is proper legal representation, Minter will take us more seriously and inform their clients to negotiate.
Indeed, I think with the motion now lodged, NKP will formally reject the motion but be more willing to discuss at an informal level. Now this is where you have to be careful and where proper legal representation can help, as the seduction to informally talk merely delays matters and holds nobody to account. I'm all for negotiation, but we need to have more than a figure head. Just my thinking - agree or disagree as you like.
Finally, and this is gonna ruffle some people here, but the option extension should be off the table. Time is money, option risk is simply just that, and we shouldn't be delaying proceedings because of Option Holders. Regardless of perceptions that NKP has been slow in their process, as this is hardly a defence at any level, legal or otherwise. Management in a plethora of companies can be accused of being lethargic! Those with options should simply fund the conversion now and be done with it. And those who played the option path hoping that something would have happened by now, not needing to fund the holding cost, well you lost. The rest of us have stumped up the cash, so too should you.
Just my thinking for your own consumption. Best of luck and I hope I'm wrong with NKP rejecting the motion.
NKP Price at posting:
9.0¢ Sentiment: Buy Disclosure: Held
