BCL saga, page-61

Another revealing article,  in Business Weekly, by Keabetswe Newel, dated 25 March, 2017, underlining again
the ever present problems with liquidation procedures, whereby BCL are now losing much of their equity in Pula Steel due to inability to fund the BCL share due on a cash raising by PS. BCL equity in PS drops from a high of  ~65% to 22.7% as a result. Worth a read......remember from previous articles PS is a significant debtor of BCL, and contributes to BCL list of assets. It was also planned to use PS to take BCL slag for iron content, if I understand correctly, and as a buyer for BCL waste scrap.
"The BCL is set to lose a lion’s share of its stake in the troubled outfit Pula Steel after the mining company was controversially diluted by its partner in the subdiary Citizen Entrepreneurial Development Agency. This is after a resolution was passed for a capital call of P29m due Pula Steel from the shareholders. BCL, insiders, failed to inject its part of the required cash injection."
http://www.businessweekly.co.bw/scramble-for-pula-steel-shares/

The final three paras throw a little light on where the process regarding the possible UAE buyout stands, but things are still about as clear as mud in a beer bottle, as they say.

The author concludes "The BCL liquidation process has been paused to make way for the an interested buyer, Emirates Investment Group, who have been given a favor to do their own due diligence before giving an offer to acquire BCL, Nkomati Mine and all its assets and a cheap US300 million, 92 percent of which will pay the Norilsk Nickel for BCL’s commitment to buy half of Nkomati Mine is South Africa. (Does this infer the purchase price of BCL is US 300m???).


Asked what will happen to the BCL stake in Pula Steel when the Dubai based investors acquire BCL, Dixon-Warren said if the Dubai investors buy BCL, then all assets of BCL will go to them, including BCL’s shares in Pula Steel.


CEDA now calls the shots at BCL. Thamane confirmed that CEDA was also unhappy with management of Pula Steel and has since removed RanvirVerma and Deepak Verma, a father and son tag-team of CEO and CFO, who were believed to be the root cause of Pula Steel’s troubles. CEDA also roped in a judicial manager until a right executive management team is secured."