RE: We can object11 Apr 2024 11:44
Thank you, Hemmings8
Dear Sirs,
I hereby wish to request an inquiry into the 11th hour granting of extension to Goldway Capital Investment’s bid for MC Mining’s shares,
from 5th April 2024 to 19th April 2024 as well as the sudden gain in holdings within a spate of a few days, despite the widely
promulgated SENS from the independent board committee to reject the offer.
Merely some background – I have long held MC Mining shares since 2011, which was then Coal Of Africa Limited under the helm of
John Wallington. Over the years, I continuously bought shares with the fact that it would be the premier hard coking coal producer
in South Africa. Whilst I knew the funding challenges it faced, it did not deter from the fact that the Makhado Project would
be the company’s game-changer. These are fundamentals in stock purchasing, and not technical analysis as a short-term investor.
Following a change in CEO to Late David Brown, there was the company’s name change and a share consolidation of 20:1
as the rationale behind this was to attract institutional investors. Despite this, still I bought more shares as the type of coal
was not thermal, whereby environmentalist groups being up in arms against this.
Then in September 2022 we had the R472m rights issue to raise more funds for the Makhado Project which took my holdings into greater share dilution/oblivion.
I would hope and beg that after having explained these facts, that an inquiry be lodged immediately to ascertain the sudden gain in holdings.