COMPANY COMMENT: Few will be concerned by Oakbay delisting
The share was hardly ever traded and the price seemed to have been propped up at about R20 in low-volume trade
No one outside the Gupta camp will regret the delisting of Oakbay Resources and Energy, with effect from July 18. That camp does, of course, include the executives at the Industrial Development Corporation (IDC) who lent the Guptas R256m and then agreed to convert the loan into listed shares when they were trading at R9. The company, which had a 74% interest in Shiva Uranium, was listed in the general mining sector in November 2014. The plan appears to have been to use the listing to get funding to develop the mine in the wake of the huge increase in demand for uranium once the captured politicians signed up for the nuclear energy plan.At the time of the listing, Atul Gupta said it was the culmination of four years of hard work and investment in Shiva. "It is also a further step in the wider Oakbay group’s strategy to create 100,000 new jobs in SA." The share was hardly ever traded and the price seemed to have been propped up at about R20 in low-volume trade. In May 2015, it reached...
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