administrator appointed, page-50

What a mess, I knew what a poor mine smokey was and I was waiting to exit on any new rally. Been caught out big time!!

I do believe management have done the right thingt going into administration. Smokey is a dud and it was only ever going sink more SH money.

I'm don't think this is a normal administration, not many companies would enter into admin with 20 million on there books with only 10 m debt. I think they could see the writing on the wall and wanted out.

It sounds like the ex contractor is putting serious pressure on the company, combined with a terrible mine, high costs and low platinum prices.

I can't see PLA reporting large outstanding accounts. They had continuously been reporting large losses each qrt for wages etc...

Interesting to see what's follows, you'd think Rooderand, Kaplats & smokey mining equip must be worth at least 15 million in destress? Maybe there never was any merger offered as outsiders could see the company going to the wall?