Ann: Mbila Update , page-18

In all of this, there are so many unexplained issues - exactly who or what is York? Who are the shareholders and beneficiaries? Why were they able to secure 30% of the project directly, and in what way did York and ZYL interact in the deal to buy the project? Assuming the BEE shareholders held 26% of the project, did York and ZYL buy their portions piecemeal? in what sequence? as a single transaction? if so...why?

Its likely the answers to these questions will explain why this situation is where it is - by now all of us who are clients of the stockbroker punting this, are drowning on this one, and in my case have come to the conclusion this is starting to look quite odd on many dimensions.

ZYL need to explain the nature of the agreements with York and with the vendor of the original 44% stake. I do have faith in the management there now and will continue to hold in expectation of a positive outcome on kangwane, but chances are this has to be a JV or a sale or some kind of offtake related financing as its hard to see ZYL raising any cash now...so what happens to that $18m promised and the $2m drawn down?