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clock Created with Sketch. 26/02/18
14:22
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Originally posted by silsol
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Top 20 own about 70% of the shares as at Dec 2017. I don't think that shareholders will vote to sell the flagship project as it is worth a lot more in production. PSC really needs to find more interested parties to help fund the development of the mine and plant. The capex of US $52m is not that great. Perhaps, Sinomine thought that it would be the only interested party and therefore, it could fund the development and get 51% of new shares. However, once over 20%, its a takeover. PSC really has to keep Sinomine's share issues to below 20% and come up with other shareholders or debt funding if, it wants to retain control. On the other hand, if Sinomine really wants majority control, it will have to declare a t/o once it reaches 20%. It really depends on Sinomine's intentions and the top shareholders.
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Top 4 shareholders + Sinomine could get 51% and thereby, majority control. Management is not in top 4 unfortunately.
