Yes. From my calculations you are correct. I was going to post something over the weekend but time got away from me. Also didn't want to been seen as a ramper (esp when this information was in the announcement).
They have averaged down into the current holding and excised their call option for 6.25m at 8cents (as part of the rights issue). So I would suggest they were (are) aware of the risks and have jumped in! I would therefore think they would have a very good idea of what is happening at Smokey Hills (as well as a good handle on the break-up value of the assets).
Northcape also traded in and out at higher average prices than the current level (looks like trading happened prior to November 2011).
My gut feeling is that BoA are currently exiting the stock (hopefully for good).
Cheers
Gus
PLA Price at posting:
7.1¢ Sentiment: Buy Disclosure: Held
