55% of the shareholders are Australian. 30% is held by Salt...questionable BVI company? (apparently an investment group called Umbono) The Balance held by a group called Vandasia which put $5mil in @ 27.5c about 6 months ago. It would be fair to assume that the simple answer to your question Danger Mouse, is that the South African shareholder (Umbono) is trying to take control of the company without paying a premium two weeks after the company lands a significant milestone in the form of a gas sales agreement with Eskom. If I was a betting man I would assume there is more to this to come in this game. I cant imagine the Australian shareholders sitting idle and allowing such a takeover of control at such a discount. The share price was plus 50c when the original gas sales term sheet was announced around 15 months ago. That gives you an idea of the market thinks this may be worth on a per share basis. The last thing to consider is that Vandasia's investment into SNY was actually meant to be staged ( if you look at the original announcement back in 2014 $5million came in at 27.5c and the bal of funds coming in at 40c....averaging the investment @ 34c.....how does this now play out? Is this agreement possible now that the Gas Sales Agreement (GSA) has landed. If so, then Vandasia can gain control of SNY by investing nearly $20million @ 40c.
IHS Price at posting:
17.0¢ Sentiment: Hold Disclosure: Held
