Effectively fully funded

Since our note in October, KEFI has provided nine business updates to the market, broken ground at Tulu Kapi and successfully concluded two equity financings (effectively raising £51.5m, or US$68.0m gross). While its March equity financing of £35.8m (gross) was not fully anticipated by the market, it was reported by management to be strongly supported by institutions and was (according to our records) KEFI’s largest since at least 2013 – indicating a good relationship with the broader equity market in London and evident support for the company reducing the potential impact of risks raised in the past month from the Middle East war. More importantly, on the back of today’s overwhelming shareholder approvals at the general meeting, the pla...