VIC, Youre dead right on the maths, ie. that HSKs 40% JV interest in Pajingo that CQT acquired DOES NOT RELATE OR ADD TO CQT'S 23% ownership of NQM,
BUT, it seems to me that it DOES make NQM's Board the 'meat in a sandwich' because 1) As other posters have noted, now only CQT can consolidate ownership of Pajingo, the much-vaunted reason claimed by the NQM Board for preferring HSKs Offer;
2) While getting to 90% of NQM may depend on smallholders, whether CQT can boost its 23% to a CONTROLLING INTEREST in NQM now essentially depends on a. ACORN, which now owns 11% of NQM b. NEWMONT, whose 7.5% of NQM is available since HSKs Offer lapsed on 10/9
Remember, CQTs Offer is now UNCONDITIONAL, after they first dropped their ownership condition to 50%!
Wouldnt you love to be a fly on the wall of NQMs Boardroom about now?
CQT Price at posting:
48.5¢ Sentiment: None Disclosure: Held
