webk, i too averaged down into news and promises. While its been a massive error of judgement on my part, since when does a company get to pick and choose what gets announced to the market and what doesnt.
The sole reason that wonderful man we know as PL disclosed info about VanMag is becuase they need cash immediately and VanMag may not come through. So he's using it to justify placing for the $10m. Regardless of what they do from here onwards i dont see them getting out of this. From what i understand from other posters, the sioc deal restricted them from moving cash out of SA. If thats the case, this is where the real problems started and could explain why the deal took so long to complete.
The WA cowboys couldnt back out of it since they had no back up BEE paretner..but guess what WA cowboys, if that is the case you have a lot to answer for because that uber critical information was not announced to the market, was it! If the deal was struck with that condition how the heck can a strucutre like this ever suirvive...a company structure like this would be in perpetual state of 'capital raising'....and that suits out WA cowboys just fine, doesnt it!
CCC Price at posting:
6.0¢ Sentiment: None Disclosure: Held
