Page 9 annual report and gmco value24 Jan 2025 10:16
Very very clearly states that ARTAR have first right of refusal for the remaining 15% of GMCO. at fair market value.
and until ARTAR, who continue to be aggressive in their exploration, or Harry says anything different then there will be NO bidding war.
Value , like it or not, its my belief that if someone offered double its worth , it doesn't make it true market value , it would mean ARTAR would be forced to over pay double the price (over valued) because a bid went in). a independent analysis will determine the price.
you could argue ARTAR could say the 15% is worth 15m, after all they have just officially and very recently been given 10% for 10m , all in black and white. all agreed between kefi and ARTAR at a fair price.
which begs the question why did Harry agree to such a thing? , he could of quite easily said we owe you 10m we will give you 5% of our holding instead of 10% , or we believe the 10% to be worth multiple times more, so as we cant agree we will get a independent in and get fair market value, at least for the benefit of kefi share holders.
if they got ( based on numbers spouted here 40m for the 10% they could of paid of the 10m off owed and had 30m to launch TK with and STILL RETAIN 15% , but Harry instead simply bent over , raised at big discounts with big dilution to Kefi share holders and gave away 10% for nothing.
now if that's ARTAR being supportive of KEFI they have played a blinder , because they have effectively been doing discounted exploration part funded by the Kefi shareholder who will get no value from Saudi , and in return its ARTAR that gets a bigger piece of the pie , while the Kefi shareholder is screwed over.
I read a comment yesterday from a group of very balanced investors , and this one rang so true
Kefi have given up everything they have ever worked for in Saudi , purely for capital to be pumped into TK. the project Harry has said is fully funded for the last 3-5 years.
Anyway ill let you get back to Cluedo, the last set of clues suggested Saudi would be sold before xmas , how did that work out?
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