consolidation effect, page-5

Bigmac I made it clear about 7-8 months ago why I sold when I did. JB openly said that it is better they are considered and listed as an investment firm rather than a mining firm in order to benefit their company structure. The only benefit is that they aren't obliged to post cashflow reports on a quarterly basis, and thus the market cannot inspect all cash outflows and overheads on a frequent basis. I drew the line at this point. If they were serious about being transparent, they would change their listing status.

I repeat: the board of this company, with countless years of experience combined, cannot manage the capital position of this company, and thus they are resorting to the lowest form of capital raising. They might know how to do business in South Africa, and they might know how to operate a coal mine, but they cannot seem to amalgamate this experience into a successful story. If they need to raise funds with Bergen, then where is the cashflow out of Vlak and Ferreira going? No prizes for guessing!