be aware of state of play, page-8

2 times the SP being low is a worry (if you are trading on the fundamentals)

1. if TODAY you want to sell

2. If they need to do a cap raising for funding, as on this day (or the moving average of previous days) the cap raising will have a greater dilutionary affect to receive an equivalent amount of money.

On point 1, if you are looking to sell today, then see ya later hope you enjoyed your stay!

On point 2, we DONT NEED ANY FUNDING in the short term. Therefore the CURRENT SHARE PRICE has ZERO affect on this company PRODUCING COAL.

This company isnt a higher share price producing company, it is a COAL producing company. The share price will rise on COAL PRODUCTION, or milestones that increase the liklihood of COAL PRODUCTION.

I believe this company is undervalued considering its liklihood to be producing 8mtpa by 2013-14, but welcome to post GFC, until you have the runs on the board as a company, people are weary to invest. I thought it would be hitting 10c by now, but we had the momentum killed by the 80million heads dumped and people are weary at the moment, the speculative end of the market is ALWAYS unpredictable at the best of time.


I enjoy looking at the share price just for kicks, but at the end of the day, if its higher, I have a bit of a mock cheer and a laugh (because I know its meaningless if I dont sell today). If its lower. I simply asked myself "will this have a negative influence on CCC getting coal out of the ground in South Africa by 2013?" if the answer is NO I hold.

If I ever see FUNDAMENTAL info that suggests we wont be able to produce coal by 2013, I'll sell my entire stack in 5 seconds. For many many many reasons (as pointed out by the great posters on this forum AND as pointed out in the brokerage report) that is extremely unlikely to happen.

280 mil mkt cap or 400 mil mkt cap has no relevance in terms our production rate of COAL in 2013. It has no relevance on the amount of coal underground in Botswana.

The only relevance having a low mkt cap has on us is that we cant acquire more BEE coal entities without over diluting the company. JB knows this and as such describes his desire for 'organic' growth in one of his many BRR interviews on conti coal.

On another point, the main 'killer' of our momentum was a trade by that investment company to convert 4 million dollars worth of options to heads. So that hasnt changed our Mkt Cap 'fully diluted' as we always added those options in anyway, but it has given us 4 million more dollars. Thats 4 million extra now, that we wont have to find later on, to drill in botswana.