We have discussed these issues on this forum probably more than a dozen times regarding the Tapeta option. You claim it is worthless. When it was entered into that may not have been the case as the price of iron was high and IO companies were booming. The project sat on a rail corridor that was refurbished by ArcelorMittal (the biggest steel producer in the world), at great expense on their part, as part of the final step in their business model to fully integrate their steel business by supplying it with enough iron ore from mines 100% under their direct control. The rail corridor was not only planned to service Areclor's mines at Mt Nimba (in Liberia) but was also touted to be a potential rail corridor for the development of the biggest iron ore project in Africa, at Simandou in Guinea. Your assumption that this option was valueless and some sort of front for the syphoning off of assets belonging to Rand and Tribune is simply that, a totally unfounded assumption, which has been brought to this forum many a time to discredit the company. Don't think you are original here. The option could have had significant commercial value. I suppose you would have been a detractor of Twiggy and Fortescue when they were first movers, building a big land position in the Pilbara. Who says this was any different, the companies that acquired the ground in Liberia were first movers over there and may have built an incredible business if not for the collapse in the price of iron ore. After all the holding companies control an incredible gold company here in WA. They seem to be very astute operators IMO.
Given the fall in the iron ore price the rules governing this transaction will require ASX compliance whereby the company would need to issue a prospectus and issue information to shareholder, including expert reports that would need to justify the transaction on value grounds. If you knew anything about how the listing rules work you would know, that with the current price of iron ore there could be no justification for the transaction so it could simply never happen. Why was the option renewed? Don't ask me. Why are they asking for the 10% placement facility year after year and never using it? Don't ask me. Why do they have a share buy-back and haven't bought a share back for a few years now (I can't remember the last date they bought shares back, would need to check that). Don't ask me. The one thing you need to learn with this company is just because there is something sitting in the "in" basket, doesn't necessarily mean it's going to get done. Get over it, we have thrashed this issue over and over again, time after time and nothing has come of it. What has happened is that the company gets on with its knitting making more return for shareholders than any other gold producer on ASX. If you don't want part of the action no one is forcing you to buy.
As far as the cross-holdings go, please refer to my previous post. These holdings have been more or less the same for over 20 years and if ASX/ASIC have done nothing about it, who are we to trust, you or the regulators? I'll stick with the regulators for the moment if that's OK with you.
And why should anyone believe a word you say when you have your facts totally wrong. You said
"Completing the circle, Resource Capital is an equity holder of Tribune Mining, also held by Yarri Mining, which lost a lengthy court battle two years ago with uranium junior Energy & Minerals Australia over ownership of the Mulga Rock deposit."
Energy & Minerals Australia settled with Yarri in 2012 and it cost them $3 million dollars (ouch), not what you claim above.
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