VIC,Youre dead right on the maths, ie. that HSKs 40% JV interest...

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?