some warning signs from company own statements, page-12

Don't think its right DeReamer that buyers will be focused on the consolidated accounts. Remember most of the liabilities are at the holdco level. The convert $15m, the royalties (was it $10m rising to $15m with $5m current?), the deferred consideration for Mashalla of $8m. Assumably buyers are looking to buy into CCL which is cleaner albeit significantly leveraged in its own right with EDF loans and now ABSA. If they are looking at individual assets again the group balance sheet will not concern so much.

As I've said before I doubt assets sales will result in any material proceeds to CCC shareholders anyway. They will just prolong the groups sorry life. I assume if they sell anything significant they will have to repay the EDF loans and then only 74% of proceeds go up to the holdco level and will be used first to meet liabilities up there. (In the case of Vlak Vark, CCC shareholders only own 44%). The bigger problems is that even at the EBITDA level CCC is only break even so its hard to see the assets have significant value.

In my view, its all fantasy that they are selling something at CCL for reasonable money anyway. Surely they would have to disclose if they were negotiating a large sale? Also, if a large sum is pending, why are they bothering to refi the convertible and raise another $15m debt as they say in the quarterly. I think the idea of an exciting short term solution was just buying time. They want to extend CCC's life so they can continue to pay salaries, consulting fees and royalties. For Australian shareholders CCC stock will remain nothing more than an out of the money call on coal prices.