KGI Announces Significant Stake in Nexans
The Central Europe based investment firm has stressed that the…
The Prague-based investment firm has insisted the Australia-based mineral exploration and development company increase transparency and move its headquarters to the EU
Krupa Global Investments (“KGI”), one of the largest institutional shareholders in European Metals Holdings (“EMH”) has announced its intention to significantly increase its stake in the Perth-based mineral exploration and development pending the satisfaction of certain conditions including moving its headquarters from Perth, Australia to the EU and increasing transparency of its ownership structure. The announcement comes in the aftermath of an indicative offer by KGI made on January 15, 2019 expressing interest in acquiring EMH’s Czech subsidiary, GEOMET. GEOMET currently owns the exclusive mining rights to mine tin and lithium at the Cinovec mining site in the Krusne Hory Mountains in the Czech Republic. EMH management made a public announcement on January 16, 2019 stating that it was not currently interested in considering KGI’s indicative offer.
Considering the position of EMH management towards KGI’s offer, KGI is now calling on EMH public shareholders to approve its conditions.
1. To simplify and make more transparent the ownership structure of EMH Group.
2. To change its headquarters and domicile to the EU territory.
KGI has outlined the following reasons for its stated conditions for its demand that EMH move its headquarters and domicile.
Furthermore, KGI has outlined the following reasons for its stated conditions for its demand that EMH increase transparency of ownership.
Despite EMH’s aforementioned announcement, KGI has reiterated that it maintains its interest in acquiring GEOMET in and of itself.
Pavol Krupa, Chairman of Krupa Global Investments had the following comment on the matter, “Our offer has been made in accordance with the interest of Czech Republic and with the intention to successfully develop the lithium mining and processing project at Cínovec. We believe that is a suitable option for EMH and its management and we look forward to constructive discussions to that end.”
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