Comparing the top 20 shareholders list of 14th sept with the 31st Oct, we noticed one exited but 6 topped up their holdings and 2 new comers as mentioned earlier. ANZ Nominees--6.25m (exited)
Additional amt bought are:-- OCJ --2.42m HSBC Custody Nom ---8.49m Rametta Family Acc--0.5m JP Morgan Nom--0.4m Catalano Super Acc--1.8m Trio Investment--1m
Looks like the past 6 weeks of selling have been mopped up by the current top 20 shareholders. Last Thurs and Fri trading have shown increased activity. Before GFC, Kings was looking at developing the whole mine to process gold , silver and copper too at an initial outlay of about $250m. Realising the difficulty of raising big sum then, they shifted their focus onto the gold rich region which cost about $80m to build the plant. Now that silver price has gone thru the roof and copper price performing very well, some other miners may see the potential in Kings to do the whole mine. I don't see the top 20 shareholders increasing their stake for no reason. Judging from the past few takeovers by Goldcorp, they seem to react rather than act. They tend to show up only after someone make an initial offer to takeover the miners. I still believe we won't need to wait too long to see some corporate play with Kings.
KMN Price at posting:
13.0¢ Sentiment: Buy Disclosure: Held
