Upon exercise of the Option and successful farm-in by IGC, Nkwe will hold 59% of the three southern farms; IGC will own 15%, with the remaining 26% held by Genorah - thereby fulfilling the requisite BEE requirements.
Clearly, if Gerorah/NKP had the rights stripped from them, then so did IGC. So if the two Bengs now have 50% each. What the hell do IGC have to sell to NKP. They have already received $10m.
The deal was $10m drilling over 3 years. The only farm that they could drill was "H"
Terrible day for everyone today. This has been a heart retching stock for people.
If JordanRivers is correct and there has been a 17c convertible note-C/R issued, then at least it was not the insiders trying to get out. Just the insider getting there mates rates. (Gleneagle Securities, Park End and probably Park lane) Or though share holder once again get nicely screwed.
Jordan. Do you know if it was for the full $10m? (= 58m shares if converted)
NKP Price at posting:
19.5¢ Sentiment: None Disclosure: Not Held
