Macquarie deciding to convert such a large part of debt to...

Macquarie deciding to convert such a large part of debt to equity is a bullish sign.

By my calculations, JLP to issue about a further 195m shares for PLA for a total of about 510m shares in the new expanded JLP. @12p this is only AUD90m market cap which is low for PLA alone prior to administration.

They say in Ann that mine plan for Smokey is to produce 100k oz PGMs pa and mine life extended. At current higher PGM prices, margins on Smokey's basket of PGMs should be around $500/oz = $50m pa.

Suspect that selling this morning in London just below 12p is a reflex action from short term JLP shareholders who perhaps expected an even more one sided deal for JLP.

Will be interesting to see how this one trades next days and weeks as news digested. Would be no surprise to see steady share price rises from here as story of merger and benefits explained to brokers and analysts.