Just for clarification, I currently hold URU & EXT, not KAH...

Just for clarification, I currently hold URU & EXT, not KAH (except a token holding so I get documents & can attend meetings). Of that, I have 2.5x as much in EXT as I have in URU. I have only bought into EXT in the last few weeks (when it's SP got much too cheap IMO, considering excellent drilling results & RIO interest) but have been watching it for about 7 months. Became aware when I attended a presentation Peter Mc gave in London in May this year.

Had also been watching URU since its demerger from Uramin. [learnt about Uramin through investing in Galahad Gold]. Got really interested & bought in to URU when its share price sunk below its NTAV, comprising mainly investments in KAH & a couple of other bits & bobs. You can see all the details in a post I made at the time, here: http://boards.fool.co.uk/Message.asp?mid=11084815

URU & EXT offer better value at their current prices IMO, so I don't hold any KAH currently. I do trade between these companies when their prices get out of kilter (e.g. if EXT rises & KAH falls, I will sell EXT & buy KAH - but EXT would have to rise quite a bit before I'd do that). AFAIAC the vast majority of the value is in EXT, so from my POV, my main concern is that Extract extracts maximum value for its shareholders.

Again, for info, URU currently holds 27.7m KAH shares, when last reported. Given 179m KAH shares now in issue & that KAH owns 83m EXT shares, that means that URU indirectly owns 12.8m EXT shares... but at URU's current share price its market cap. is only £5m (& it has other assets including cash too), so looks pretty good value to me & a handy way for me in the UK to get more cheap exposure to EXT, with other possible upside "in for free".

Hope that clarifies where I'm coming from.

Cheers,

Mark