Tropicana, page-39

I hope you're right in the POG because that's the only thing that would make this sensible. Purchasing producing assets at a premium on the premise that a commodity will rise in price is the stuff of a crystal ball visionary. This transaction from back of the envelope calc's is value dilutive for RRL holders. On the current POG this is an exercise in empire building , it brings nothing by way of value accretion for RRL holders at the current POG. At least $200 million of the raise is going to institutions at what will be a 12 month low in the share price.....the Board is pissing away value firstly by overpaying, secondly by paying for it with heavily discounted RRL script. I really hope Anglo use their pre-emptive rights but at this price even with the obvious synergies they have (which RRL don't) I'd think that the price is prohibitive. Let's see what happens.