PGMs have had big rise since the TH and PLA's assets are highly...

PGMs have had big rise since the TH and PLA's assets are highly leveraged to this rise. Analysts are now bullish on this continuing and platinum's historic on gold premium reemerging and growing.

When they first announced the heads with JLP their shares were at 8p. So 1-4 would have meant agreeing then to only 3c per share for PLA shareholders. Orderly sale of assets and plant and equipment and repayment of Macquarie debt would have to yield more than net 3c per share or only net $15m.

So my screwed it up so far, getting screwed again scenario is 1-3 (adjusted for any Macquarie conversion) which would be about worst outcome that might get through a shareholder vote.