I think a joint venture company owns 90 % of the project. Some HK based group had a 10 % free carry. XAM then farmed into JV co set up by local director to 85 % ( 76.5 economic interest ). Once at 85 %, which happened years ago, local guy could fund his share to stay 85 15. If he didn’t, XAM would lift up ownership at an agreed valuation. This was all explained years ago but there has been nothing on this. Local guy had equity in the parent ( free ones at formation of XAM long ago and has never bought on market) and equity direct in project thru the JV company. He can’t be diluted in JV below a certain level.
XAM Price at posting:
3.4¢ Sentiment: Hold Disclosure: Held
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