quick question , page-21

thanks domum,

just from my reading it seemed that production figures were often quoted without the mention that ccc are not in full ownership of any of the projects or the earnings.

so what is correct?
the edison report or the table in the presentation?

edison report says says that ccc acquired 74% of CCSA.
"ASX-listed Continental Capital moved into the southern African coal sector with the acquisition, in
January 2009, of 74% of Continental Coal SA,"

then if you look at exhibit 1 you will see that (according to that) CCSA owns 74% of all the projects except for Vlakplaats.

so 74% of 74% = 54% for all projects except for Vlakplaats which would be 50% of 74% = 37%

i know that that is probably not right, and either i'm not seeing it as it is intended or it's not presented very well

it would have being nice if they had given an explanation of the table in exhibit 1 to avoid any confusion.

for example, how did they wind up with a lot of figures of 47% for "ccc effective stake"? and then arrive at 74% for Vlakplaats wich looks like CCSA only has a 50% interest?

then according to the presentation:
what do these percentages really represent?
from what i can gather, they don't represent ccc interest.

Vlakvarkfontein 60%
Ferreira 100%
Penumbra 100%
De?WittekransComplex 70-100%
Leiden 100%
Mooifontein 100%
WesseltonII 100%

i once knew a bright spark that could understand annual reports very well but when i showed him a couple of broker reports he was juat about as confused as i am as to where they got their figures from.