Hmmm, anyone looked at the Jubilee share price lately? Even if we had tied up with them in a fair deal we might still be rather backward. Their shares have continued to slide to a point where any merger would render PLA holders with a fairly worthless pile of paper anyway. On the other hand Jubilee have now raised a lot of finance off market so are well cashed up to make the merger happen if they choose. It appears that the current admin of PLA is the limiting factor in not getting their smelter back in action ready to process material that Jubilee has as part as an off-take agreement. It looks like the smelting part would likely be quite profitable, but I suspect in the end the smelter will be sold to them instead and the rest of PLA sent to the bottom of the harbour after Macquarie Bank has recovered its cash and Pitcher Partners have had a good lunch.
PLA Price at posting:
6.7¢ Sentiment: None Disclosure: Held
