Massive Black Horse Chromite Discovery

Black Horse deposit has an Inferred Resource Now 85.9 Million Tonnes @ 34.5%

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Message: Supershares

Sapo,

No, it's not BMK.

The other fund voted against the resolution, along with CLF, is Loeb King Capital Management (topdog: does the name sound familiar?), a fund located in New York. I have not checked them out to see the size of their KWG holding, or if they have been actively trading KWG shares. However, based on the voting result indication, with CLF 111M shares voted NO, CLF votes would reperesent ~27% (111/411=27%), a balance of ~6.4% would be required to come up with a result just over the 1/3 level to block the resolution.

My guess (pure guess) would be that the NY fund has something like 4% (~2%OS) with the rest of the NO votes (a smaller number) coming from retail shareholders.

As a comparison, KSU members had (2 years ago) some 10% of the OS (~19% of the votes, since the vote turn-out was about 53%). Some holders in the KSU group had/have very large chunks of shares (millions) and most of them seem to be in favour of supporting management.

It would appear because of CLF dominant block, even though the resolution had a strong support without insider's votes, but not enough to go over the 2/3 when insider's votes are counted. It sounds like getting rid of the CLF block, one way or the other, would be a good thing for KWG.

goldhunter

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