I'm not sure if I understood the notes correctly, but my take is...

I'm not sure if I understood the notes correctly, but my take is that the original loan to the BEE to acquire some 26% each of RES subsidiaries - Ledjaba and Waterberg has been found to not be in accordance with accounting standards!

Bottom line - the debt has been waived with $15.5 mil worth of assets given away and so it isn't glaringly reflected in these accounts, adjustments have been made to prior years retained earnings!

So the 2011 and 2013 strategies to get the BEE on side via a loan is now via a gift!

Again earlier management mistakes - although the accounting standard isn't new. Or is it a way to make a gift to new found friends? (Keep the shares and don't worry about repaying the loan we previously gave you to buy them!)

Does anyone know if the the main coal holdings sit in those two companies - I can only assume so if not why would 'Fairy Wing' the co of BEE, want holdings in Ledjaba and Waterberg!
Refer notes 3 and 23