quick question , page-20

Hi Sarcophagus.

It does get a bit mind numbing at times doesnt it.

Before years end the other 36% of Mashala will be CCC's by whatever means they use.I was of the belief that it was to be either done in cash or equity.So this will not be a factor come Penumbra production.

The BEE % of profit will not become active until all debt is paid out which is yet to be determined due to any debt facility arrangements being organised for DeWitt Complex development.

So the coporate structure SHOULD be somewhat simplified by CCC taking the other 36% of Mashala and all that we will end up with is the standard BEE structure of 74% owned by CCC and 26% by Masawu.

Mihals figures did allow for the partial ownership of the indivdual projects some of which do have some % owing to partners.I take it these will probably be settled through CCC's potentially strong cashflow by 2013.

Dont take any of this as gospel.As you say it can be quite complex and hopefully other posters will correct if any of this is off the mark.If still in doubt email CCC.If no luck here Mihal might be able to forward some questions if he hasnt answered you already.

d.