12c cash backing..last 9c, page-5

$20m cash is 12c proceeds per share. They said it that way in the announcement cause it's not actually 12c cash backing trading at 8c

they owe $7.5m on a convertible. so it's about 7-8c cash backing trading at 8c

still a great position to be in, but question is what do they do now ?

mkt doesn't pay much for cash on the bank, and don't think they'd be much premium in spending more on Botswana coal...

"now well placed with a strong balance sheet to take advantage of new opportunities, some of which are already under review"

now that's more like it