re: Ann: Sale of Northern and Southern Region... Complex deal...

re: Ann: Sale of Northern and Southern Region... Complex deal but I guess Lucky have paid about 82 million to release both Kagara and MUX from all of their obligations, environment bonds and tax debts. Kagara may be left with AB and a smaller stake in MUX. I'm guessing 30-40 mill in assets.

If I read it right Lucky will pay:

1. 50 mill, plus 8.2 mill deferred to MUX (75%) and KZL (25%)
2. for environmental bonds totalling 1.5 & 9.1 mill
4. 11 mill for Southern region, plus 1.8 deferred

That values the deal at about 81.6 million for the group, with about 46.2 in cash flowing back to KZL from MUX after paying off the stamp duty debt of 12 mill and MUX buying back a large portion of its KZL held shares.

We have no idea what the status of KZL's creditors are, so it's hard to tell if or what will be left but I assume 45 is enough to clear out the admins and pay out KZLs remaining creditors and I recall KZL had about 14 mill in cash last report Sep 2012. Probably half that has gone to admins by now.