Lets hope that is the first email to deliver on its promise, because as you say none have been accurate to date. Especially regarding timelines.
I'll be honest and say I haven't seen cr mentioned in an email. I have seen talk of JV and yalk of options extension, but not the cr email.
If the wording was basically as you paraphrase 'There will be no Cap Raising before a J.V', then it indicates their WILL be a cr after the JV.
That then points to either an unfavourable JV, ie not fully funded and/or no upfront cash. And most likely with a smaller JV partner(with less experience and clout than Xstrata/Anglo).
The concern has to be that Genorah has control over NKP share register and can support or deny anything not in their interests.
In a sense you have potential JV partners stalling and playing it cool. Neither Xstrata or Anglo are desperate for a new SA/PGM asset. Both would like it...if the price is right.
Once the JV gets their best offer accepted, Genorah then get to structure it to benefit them the most. Or they vote NO.
NKP Price at posting:
24.5¢ Sentiment: Hold Disclosure: Held
