The acquisition of SAH in exchange for 50.2m WSL shares values the former at R65m at the prevailing share price of 130cps. This seems like a steal given the operating mine, company-owned railway siding, RBCT export allocation and additional coal reserves procured with this acquisition - nothing is said about the liabilities though although a section 311 compromise was reached with creditors and sanctioned by the Supreme Court last year. SAH raised close to R100m which it invested before suspending operations when it ran out of cash and the bottom fell out of the coal market. Some of these shares might well find their way back to the market once the transaction is ratified which would provide a great buying opportunity provided the commodity upturn remains on track. Pity the SAH shareholders though - the transaction values their shares at 14cps compared to the last traded price of 40cps before its suspension.