The book value of vanmag represents almost 50% of MC.
CCLSA has Sioc-cdt with 26%, Mashala minority shareholders still with b/w 14-17% (depending on which report you believe), Socius 13% & we just issued Bruce B 10m shares.
Failure of Resolution 5 at recent GM.
The attitude of PL at recent GM.
New & tougher writedown provisions for Annual Reports.
Debt @ $29m, not allowing for $30m ABSA drawdown all against EV of $36m and current MC of $22m.
I say as soon as Conti touches the ABSA drawdown facility they're gone.
According to the Breakaway Reserch report JB is now a top 5 holder. Maybe a management buyout?
SIOC could swallow this now with just one third of their annual dividend.
Needless to say there is no takeover premium.
CCC Price at posting:
5.0¢ Sentiment: None Disclosure: Held
