Short Term Trading Week Starting: 11 Mar, page-88

STTCOMP RES FA LONG

Emerging coal miner in South Africa
Shares on Issue = 581m. Top 20 hold approx 73%.
Current Market Cap = $49m
Ongoing Facility Agreement in place with Noble Group (#2 shareholder) for working capital requirements totalling approx $44m.

RES is a very tightly held stock and has been trading at a heavy discount for many years due to ongoing struggles to secure the project finance (approx $550m) required to develop their 6.4B tonne Boikarabelo coal mine in South Africa. If and when project finance is secured, the SP will re-rate significantly.

A recent announcement from RES stated that credit approval from all members of the Lending Syndicate is to be secured by 29th March - see here for the full announcement.