No that's not right Andrew a. The pending liquidity problem I'm...

No that's not right Andrew a. The pending liquidity problem I'm talking about is at CCL. It is separate from the problem they have already had up streaming cash to CCC Australia. (partly that cash is probably required to pay the $800k big annual coupon on the convertible at that level).

It doesn't appear to me that there will be any more cash coming from SIOC. SIOC assumed zar215m of the old BEE loans and then repaid Zar140m. In the 29 June announcement they did say that the balance of Zar75m would be "vendor financed" on deal completion scheduled for Aug 2011. I'm not sure what they meant by that but it hasn't happened. And SIOC certainly aren't the vendor. It looks like they will just continue owning the old loans that have no repayment date as far as I know. Just they they have to be repaid before the BEE get their share of dividends. Obviously we are not expecting dividends for some time.

Finally selling Vanmag would certainly be a big help. Also a big shock!