Hi Nick & Leon,I am both glad and sad on the RNS news today.Sad...

Hi Nick & Leon,

I am both glad and sad on the RNS news today.

Sad as it would have freed up funds whilst still maintaining the use of the facilities, but glad in the fact, I consider that the Middelberg assets are core assets to Jubilee.

The reason I consider them to be core assets is because it gives us continued independence from ESKOM and money generation on the power generation side of things.

When you consider that Anglo are implementing the Khanyisa power project to bring a 450Mw power station to AmPlats. I feel we should be expanding the power generation side of Jubilee, not selling it.

So my question is as follows: With the 0.76 million dollars that GRE have provided as a non-refundable deposit. How much, when the costs and other bits have been paid off, do we have left ???

The reason I am asking is, because I was wondering if it is enough to implement a deposit on a Jenbacher J920 Gas Engine? If it is enough for a deposit, will it be considered now that GRE have defaulted, as I believe that this has been considered before but had not been forwarded at a board meeting. Is this still the case or will it now be considered now but put to one side due to the potential of the GRE transaction still possibly occurring ???

The reason I hope we have enough to provide the deposit is because if we get that gas generator we can deliver more power to ESKOM to generate more revenues for Jubilee and further expand the independence from ESKOM.

This helps in maintaining our diversity, which is key to us at the minute.

Also I was wondering if you could explain to me the decision behind shafting the PLA shareholders so late in the day to the end of the 'Merger'. I am glad that we have a better ratio as I hoped we would have a ratio of between 3.5-4 PLA shares to 1 Jubilee share when the merger was announced back in Feb, but I grew to accept the 2.593 to 1 as the assets we were getting were exceptional for us, but to change the ratio the day before the merger was to go to the shareholders for approval is a bit of a concern for me. I have been on HotCopper, the Australian equivilant of LSE's Bulletin Boards and we are facing a serious backlash off the PLA shareholders. So my question is:

Who holds the cards: Is it Macquerie as the leading creditor and can they push through the 5.63 to 1 ratio or do the shareholders need to vote Yes for the merger to go ahead ???

The reason I am asking is because I feel it is unlikely that the shareholders are going to vote Yes after being shafted that late in the day.

Many thanks for hopefully answering these questions.

Mr *****