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Kebble's last stand? Posted: Fri, 26 Aug 2005 [miningmx.com] -- JCI minority shareholders are still in the dark a week after the company put out a terse cautionary advising that a financial institution was prepared to refinance JCI and there would be a linked board restructuring. JCI spokesman David Barritt is blaming "the lawyers" for the delay but one source reckons that it’s embattled JCI CEO Brett Kebble who has been holding up proceedings through last-minute brinkmanship tactics aimed at improving his position. According to the source, once Kebble had got Investec Bank to agree to refinance JCI, he immediately started trying to "claw back" as much as he could out of the deal which, apparently, will leave him with very little. That claim is flatly denied by Barritt who says; "this is all to do with the lawyers and the wording of the agreements and has nothing to do with Brett. He’s not involved. He’s right out of it. You can take that as gospel." The only problem is, anyone who knows Brett Kebble will have a hard time believing that he would simply give up and go quietly. That’s not the way he operates. Details were supposed to come out on Wednesday evening when Western Areas - in which JCI holds a 35,2% stake - was due to release its June quarterly results as well as details of its R730m rights offer. The arrangements for that rights offer are intimately linked to the refinancing of JCI. A series of revised deadlines for the information to be released on Thursday and then Friday were missed. Latest statement from Western Areas spokesman Brian Gibson released late on Friday is that; "Announcements on behalf of JCI, Randgold & Exploration and Western Areas were submitted to the Securities Exchange this morning. "The JSE has raised a number of technical issues that must be resolved before they will approve the material."
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