time for a share buy back?, page-8

Ha, yes, good to win occasionally thanks Shabandri. First time in 26 yrs was it for the cricket and probably not again in my lifetime.

I don't think I noticed that rule when I looked at the rules. However, I also don't think you have to have positive retained earnings to pay dividends anyway. Don't really want to look back over it again, it was discussed before and I did spend some time then. My belief is that they can buy back.

Perhaps the only restriction may be in the bank agreement but that could be waived.

If Vanmag comes in, the BEE2 cash etc, they will have cash. They also have room under debt facilities and I don't think there's even a restriction on using debt facilities to buy back shares. That would be very hard to interpret. As long as you are still solvent you can buy back the shares. Also, I'm guessing they are around net cash neutral as a group as long as coal prices hold here and will generate some cash once Pen operational.

Corporate mismanagement is subjective. I would view embarking on the development of Dewitt as mismanagement at this stage not buying back a few shares. The buyback would be small and capped versus development which is large and open ended.

I am actually serious about the buyback. Its the opposite of
thoughtless dilution that has been one of the problems. Although it would only be minor, it could have a positive impact on sentiment.

First they need to get Vanmag etc settled. The Vanmag story is very murky. Harry seems to have caught them on a lie with that. Saying the funds were in the bank and now apparently saying they are waiting for the Chinese to pay. Or did they mean waiting for the Chinese bank to pay? At the least its the usual selective disclose. They say its in the bank but don't mention its a Chinese bank that will never pay them. Ridiculous.