QVT Fund LP is a New York based hedge fund. It has about $4,000 million of assets. An example of its holdings is Cardinal Resources (oil and gas in Ukraine). QVT states that it intends to pursue strategies to maximise the value of its holding. I take this to mean that it would support a bid for Cardinal. Its 3% of ACU is small beer but good to see, IMHO.
Yes, brilliant buy, Adam.
ACU have followed the Botswana government's procedure for the issue of a mining licence for Dukwe. Having obtained the necessary approvals, the issue of the licence should now be a formality. Anything is possible, but it is hard to imagine that the government will do other than to issue the licence. Botswana has multi-party politics, a relatively low perceived level of corruption and has made great economic progress over the last 20 years (largely on the back of mining). IMHO, Botswana's credibility would be damaged if, at this late stage, it denied ACU a licence to mine Dukwe. The delay may continue till after Christmas but I remain of the opinion that the licence will eventually be issued.
With the licence, a bid, of perhaps 150 pence, could easily succeed and would be a steal, IMHO.
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