MCR and PAN, page-30

Fenty

it may be worth your while going throu the accounts of both entities, and, assume both on C&M for 6-months (possibly longer).....

look at the bal sheet, and "adjust cash" for payables, provisions (redundancies), any lease obligations, and debt and add back inventory (which may get left in / on the mines to help fund restarts) .......

you should get around 5-7m and 15-16m respectively......

I would expect to see pan sells its gold division in due course

rgds
V_H