RE: Results6 Jun 2025 09:27
Crazytowner.....
Shareholding in GMCO
During 2024, the Company further diluted its proportionate share in GMCO by 10% and reduced to 15% which resulted in corresponding increase in ARTAR shareholding to 85%. There is a clause in JV agreement which states that, if at any time the shareholding interest falls below 25% due to dilution, transfer or for any reason, it will trigger a right of the other shareholder to issue written notice requiring the retiring shareholder to transfer its entire shareholding interest to the continuing shareholder at fair value. The Company evaluated and concluded that the clause does not automatically imply the loss of significant influence. The sale can only take place at date expert is appointed to determine the fair value of KEFI's holding in GMCO. KEFI's influence remains based on its current ownership percentage until such time that the notice is issued, and an expert appointed to determine fair price. As of December 31, 2024 and at the date of this report KEFI is still a party to Joint Venture based on ownership interest of 15%. The Company continues to have significant influence over GMCO at the balance sheet date, supported by factors including KEFI's continued significant shareholding, representation on the Board of Directors, active involvement in policy-making processes, and other relevant considerations.