The conversion rate almost 1-1 has it not for MQL debts accumulated during the administration. Still this is a desperate poor deal reflecting PLA management lack of effort finding alternatives (before the administration and now the deal) a months before the admin, PLA was valued by analyst at discounted 36c. The succession of reckless desperate fund raising by JL has massively devalue the PLA share values. With Platinum price direction, labour unrest and production showed side unimproved at start of 2012 they should have shut down the operation and preserve cash and find alternative rather than continue burning cash and reckless fund raising.
A lot of holders I believe stucked in the mid 50c, even MQL bought in at 40c. So now their recoup some out of the deal, only PLA shareholder are being sell out to save PLA management job.
Is the guy who gonna be chief operating officer in the new entity is the same guy who managed the previous operation at smokey hill? if so they will screw up the new entity for sure. I think the shareholders from the new entity should clear out these two guys from PLA, they've managed to run a $3+ company into peanut, a case of sleeping on the job!
PLA Price at posting:
6.7¢ Sentiment: None Disclosure: Not Held
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