failed rights, failing company

Today's announcement of the withdrawal of Patersons from the underwriting agreement should send the message to the BOD of PLA that shareholders are fed up with the constant wealth destruction associated with Smokey Hills and insecure land tennure with Rooderand. Additonaly the fall in SP from 17 cents immediately before the rights issue to the current level sends this message clearly.

I'll lay odds that the BOD will not learn from this, to content in drawing high salaries and fees.

Please BOD of PLA look at the intersts of shareholders. Please consider selling the South African interests and focus on the Panton Project. If this is not viable then explain why it is not. Most of all explain to shareholders why they are expected to continue to subsidise loss making ventures in South Africa.

This is not investment advice.