Yes JKA is a perfect shell once the last African subsidiaries are fully liquidated, which they seem to be now. I expected that almost the moment they finalised the Tunisia liquidation, an unlisted company would use them as a backdoor to listing.
But PVD doesn't need a shell. The only thing I can think of is that it's some sort of legal maneouvre to allow them to cut their losses on Gabon.
Ann: Becoming a substantial holder from PVD, page-35
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