Gotta agree with u Macrae. They might try and pump it up a bit...

Gotta agree with u Macrae. They might try and pump it up a bit first so trading opportunity both ways. The BIG Q will be PF for Zara DFS (5 - 10 mill ?) then capex for 100K ozs pa producer (60% of 100+ mill their share ?) so expect major dilution before shareholders see any value here. Dangerous times for them without cash cos they tend to sell their souls to stay alive so can keep paying the directors fees. hadnt realised until pointed out in here they had already disposed of what shouldave been their greatest asset .... Sunridge / Asmara holding.

On one hand looks cheap based IGV of known assets, on other hand will dilute significantly to get anywhere near realising value, on the other other hand if u have 3 hands they will prob sell other assets to move Zara along and on the final other hand ( u know Indian Goddess kinda stuff) they have such a poor record doing the right thing for their shareholders u really cant trust them !

Hence reducing my priority here all things considered and focusing on their Zara JV partner which already has clean cashflow from production in Sweden and minimal debt and hence "easier" proxy for POG methinks.

IMBOOC