Interesting in that she has A large-scale operating mine, vast reserves and the right to buy as much of the POLOKWANE smelter as she needs to process her yield. She has ANGLOPLAT backing her and the expansion of her existing mine is fully funded. That said - her balance sheet is a wasteland and she has no meaningful cashflow. Her main shareholder held options to buy stock at over R11 if memory serves - so these have either lapsed or are out of the money by now. That means there are only 200 odd million shares in issue. Convertible prefs were issued against her extensive borrowings. These rights were pretty much vested. ANGLOPLATINUM will assume these now as she has taken cession of the debt. Does she want to undo the BEE ownership stucture? - I doubt it. So we will wait and see how ANGLOPLAT restructures this to ensure that ANOORAQ (a vision that she gave birth to) remains sustainable. I have taken 50 000 at these levels as a punt. I'll hold off on the other half pending the restructuring SENS. I did track this from their bottom to the R11 level. So I have Zero risk of loss - because there certainly is RISK here! ie. caveat emptor!
