b) Smokey Hills is connected to the national grid and has back-up generators in place.
c) Workers have stopped striking and have entered into a 2 year wages agreement - announced 26/10/2011.
--
The directors have announced that they are purchasing shares in the current rights issue at 8 cents. And apparently Smokey Hills is on take to become profitable from March 2012. So we're at a critical turning point and will either slowly rebuild or alternatively just wither away any cash reserves raised during the current rights issue.
My opinion is that the company's share price has been beaten down to deep-value territory and the rights issue is an act of desperation. Management see the opportunity and are buying up all the shares they 'legally' can.
There are also some potentially good projects in the wings - if only management were more competent (as has been so clearly evident in recent times).
Hope this helps answer your questions.
Gus
PLA Price at posting:
8.3¢ Sentiment: Hold Disclosure: Held
