and theres Smokey Hills in the news....
http://www.moneyweb.co.za/moneyweb-mining/aberdeen-internationals-investment-in-african-thun
21st November 2014
Canadian company invests in Limpopo project
"Well well, it’s amazing what you find when you go digging. This week produced no significant announcements by South African companies of M&A activity; so I went digging.
The press release by Aberdeen International looked interesting. Aberdeen, a Canadian listed global investment and merchant banking company, focused on small cap companies in the resource sector, announced its investment in African Thunder Platinum which, in July, acquired the South African platinum assets of troubled Platinum Australia; a 69.75% stake in Smokey Hills mine and a 49% interest in the Kalahari Platinum project joint venture. I did wonder what made this an attractive proposition for Aberdeen shareholders given Smokey Hills’ non-existent production track record.
The Smokey Hills project is located on the eastern limb of the Bushveld Igneous Complex..."continues
and ends with...
"And the clanger is the fact that there was not adequate disclosure as to who was behind African Thunder, which Meson notes appears to be a related party to the company, a fact not disclosed when the transaction was announced. A google search shows that five of the seven Aberdeen directors are also directors of African Thunder.
So it would appear that Platinum Australia and Smokey Hills are not yet out of the woods. Since Aberdeen is essentially the funder of the Great Lakes acquisition this may not get the go-ahead required. Clearly it is not only South African minority shareholders who are standing up and embracing their rights."
*********************
not sure if I follow all of this article...you might do better than me?
I havent looked at PLA recently.
