Ann: 2012 Full Year Statutory Accounts , page-3

Reading these Annual Accounts with their completely inadequate explanation of why PLA went into Administration and then immediately had to pay over $10m to settle a "costly dispute" with a former contractor that shareholders had not been kept up to date on, makes me feel like throwing up. The disclosure in this formal report is not nearly good enough, directors of PLA! It really smells like an attempt at cover up...

$565,000 paid to Lewins. Ouch!

At least there is over $90m written down value of net assets on books which does not account for value of PGMs in ground. How much of this will be salvaged in the merger deal? We will soon see, probably an Ann Tuesday AEST.