valuation and reality, page-25

It will be their associated BEE company Triswa.

The Sth African BEE laws make it compulsory to have at least 26% of these companies held by BEE groups to apparently share a minimum part of the potential wealth of these companies.

Thats IF the BEE group can convince any other(usually publicly listed)company to develop their resource/project/farm.

In many cases you are now finding that these assets are being sold on to other BEE approved consortiums.As long as the company that are making the takeover have a BEE group at 26% involved then the company will essentially be BEE approved.Such T/O sometimes have to go through an authority/regulatory process.

As far as the 200M is concerned,yes it has the POTENTIAL to come on to market at that date,and no doubt some will.But then given recent annmnts on CCC's expansionary plans and the transformation of the company to producer in recent times I think you will see a large proportion being held.Note that there was also an INSTITUTIONAL uptake as well so I cant see many of these coming onto market in the near term.

Whatever the case,with this issue being strongly oversubscribed there should be some good market uptake of these overhang shares.

But we will see once they come to market.Not saying this will happen,but if there is enough demand for these issued shares then they can often push the sp up rather than down as the buyers market perception is that these value shares wont come onto the market again.Bear in mind there is that second tranche though.

One also has to consider that because CCC have managed to achieve such a cheap deal for Mashala,with the shares being relatively cheap atm it doesnt take much capital/cash to buy up significant chunks of CCC,so one has to ask the question of what might happen to the register structure if a large insto wanted in and they hadnt achieved their perceived risk level of investment in CCC with these issues or previous buying.

I guess only the market will show us just how confident it is in what CCC are now doing.

d.