Takeover Implied, page-19

Great Post Gefi.

That funding point represents an essential part of this equation.
Which means that Z must take over the minorities to get the funding. !!!!!!!!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!


The other is this debt issue you mention which G have put them selves.

The fallback line, is that Genorah retain 26% project level ownership as part of the BEE requirement.
This is outside of the internal equity structure of NKP.
So they could flog their NKP off to cover their bills, and still retain their 26% project stake.

Outside of what price Genorah take, the blocking stake which the minorities have mean that they can ask a healthy premium.

Or, it can mean that Zijin will be forced to buy on market to get their 51% !!!!

I stand by my conclusion, that Zijin will NOT WANT a minority, or the nuisance of ASX compliance. Hence a takeover, followed by a de-listing.

If you take out the G script cheaply, you can afford to average up for the minorities, and it is still cheaper than the where they were years ago.

Why does Zijin want a tier 1 platinum asset?

Securing Chinas pollution control catalytic converters for the next 50 years.