1 for 2.6, page-28

New JLP shares won't be issued to PLA shareholders and listed on ASX for another 3 months according to the published schedule.

At current PGM prices, each of JLP and PLA alone should be worth 10p per share with 500m shares on issue. So merged group should be worth 20p plus once market understands the deal better and remaining conditions met.

At least PLA shareholders will have something of value to trade come end of May. 1 for 2.6 is poor for PLA given what PLA should have been worth if better managed but it's a lot better than the usual result from administration which is nothing for shareholders.