The Mission Share Discussion Threads

[giant steps] 25/2/2008 14:39

RNS Monday 25th February 2008



Extract
"
The consideration payable by Pamodzi after adjustments is ZAR232.8 million
(approximately US$ 29.8 million at an exchange rate of ZAR 7.80 to the US$)
(the 'Purchase Consideration'). The Purchase Consideration will be satisfied
through the payment of (i) ZAR 3.5 million in cash; (ii) ZAR92.9 million in
the form of 9,767,558 Pamodzi shares issued at a ZAR9.51 per share (a 10%
discount to the volume weighted average traded price over the 30 trading days
prior to February 21, 2008); and (iii) ZAR 136.4 million as a loan receivable
('Loan') from Clidet No 776 (Pty) Ltd ('Clidet'), a wholly owned subsidiary of
Pamodzi Resources Limited, and a 'B' ordinary share of Clidet.

Under the terms of the Subscription Agreement dated October 29, 2007, as
amended, between Pamodzi Resources Limited and Clidet, Clidet will acquire
9,259,927 ordinary shares in Pamodzi ('Underlying Pamodzi Gold Shares') for an
aggregate amount of ZAR 136.4 million at a subscription price of ZAR14.729 per
share. The Pamodzi share price closed at ZAR10.40 per share on 22 February 2008.

In terms of the Loan and Subscription Agreement dated February 04, 2008, as
amended, between Thistle, Pamodzi Resources Limited and Clidet (the 'Loan and
Subscription Agreement'), on or after May 31, 2009 (or in limited circumstances,
prior thereto), Thistle will be entitled to repayment of the Loan including
interest calculated at 12% per annum ('Loan Settlement Amount'); provided,
however, that in circumstances where the Loan Settlement Amount is greater than
the value of the Underlying Pamodzi Gold Shares, Thistle's entitlement to such
repayment will be limited to the value of (or proceeds of) the Underlying
Pamodzi Gold Shares. Thistle is entitled, as the holder of a 'B' ordinary share
of Clidet, to a distribution of 80% of the amount by which the value (or
proceeds) of the Underlying Pamodzi Gold Shares exceeds the Loan Settlement
Amount.

"

[giant steps] 22/2/2008 18:19

Pamodzi Gold Closing price Fri 22 Feb ZAR10.40 +0.40, volume 38K / 10 trades pog $945.30/oz : usdzar 7.74 : zarusgold 7,317

[giant steps] 21/2/2008 18:54

Pamodzi Gold : Closing price Thu 21 Feb ZAR 10.00, volume 31K / 11 trades

pog $946.40/oz, usdzar 7.81, zarusgold 7,391

[giant steps] 21/2/2008 12:35

Hi db, yes, shame we are selling PSGM though perhaps we
will see a healthy adjustment - all the very best

[dogberry202000] 21/2/2008 12:32

Enjoying the posts, GS. Keep them coming. I can't type easily on a French, Avignon, keyboard. Gold is going where I expect it to go and so is the Rand.

[giant steps] 20/2/2008 20:24

Pamodzi Gold : Closing price Wed 20 Feb ZAR 10.00, volume 21K / 5 trades

pog $940/oz, usdzar 7.81, zarusgold 7,341




(PSGM margins could easily be over 40% !)

[giant steps] 19/2/2008 18:13

Pamodzi Gold : Closing price Tue 19 Feb ZAR 10.00, volume 18K / 9 trades

pog $927.65/oz, usdzar 7.67, zarusgold 7,115

[giant steps] 18/2/2008 21:23

Pamodzi Gold : Closing price Mon 18 Feb ZAR 9.99, volume 7K / 3 trades

pog $906.40/oz, usdzar 7.61, zarusgold 6,898

[giant steps] 15/2/2008 19:36

Pamodzi Gold : Closing price Fri 15 Feb ZAR 10.00, volume 1K / 2 trades

pog $903.10/oz, usdzar 7.67, zarusgold 6,927

[giant steps] 14/2/2008 18:27

Pamodzi Gold : Closing price Thu 14 Feb ZAR 10.00, volume 3K / 4 trades

pog $907.70/oz, usdzar 7.68, zarusgold 6,971

[giant steps] 13/2/2008 18:25

Pamodzi Gold : Closing price Wed 13 Feb ZAR 10.00, volume 5K / 1 trade

pog $906.70/oz, usdzar 7.71, zarusgold 6,991

[giant steps] 12/2/2008 19:38

yes, deal to complete by end of February

[tim00] 12/2/2008 19:36

I guess we're due an RNS soon about the completion of the PSGM sale?

[giant steps] 12/2/2008 18:16

Pamodzi Gold : Closing price Tue 12 Feb ZAR 10.00, volume 83K / 24 trades

pog $908.55/oz, usdzar 7.69, zarusgold 6,987

[giant steps] 11/2/2008 23:09

Let's wait and see how new management re-energise 'Thistle Investments', tax
losses are there to be utilised so expect injection of new money, original plan of
debt restructure is likely imo.

Not only that, PSGM has huge potential, this in turn may be reflected in PZG
share pricing; recall scepticism of CGA share price post masbate acquisition !

[tim00] 11/2/2008 22:50

yes, Thistle isn't dead, but it simply doesn't have the resources to grow the business rapidly. There was a time when we all thought that PSGM might throw off a great deal of cash, enabling the company to develop its asset base quickly. Sadly, those days are now gone. Often I think investors in small caps don't fully appreciate the difficulties in expanding a business when there are barely two pennies to rub together and customers are able to run rings around them. Resource companies are better placed as prices for its output are set globally. Nonetheless managing Thistle can hardly have been a pleasure for Andy Graetz et al and I'm sure he won't look back on his time there with any pleasure: just one disaster after another.

[giant steps] 11/2/2008 22:37

tim00 - i think we need to see the final result of PSGM sale, cash sums raised,
shares issued, outstanding debt, capital restructuring, new investments,
etc. before judgement is made.

[tim00] 11/2/2008 22:33

GS, I won't be posting on CMR for quite a while, I only have a small holding at the moment and haven't researched the company in depth. Still, maybe dogberry can be persuaded to invest here and then it will be like old times! And I presume that since CMR will have none of the problems encountered by Thistle, bbbb is rather more cheery on that thread. ad1967mc is certainly an asset, 'respect' to him on calling Thistle correctly all along.

[giant steps] 11/2/2008 21:10

O/T

Tim, very tempted to create a new 'moderated' CMR thread for the likes of
yourself, ad1967mc, bbbb, db, and a few other respected posters ! Currently
there is considerable noise on multiple CMR threads.

[giant steps] 11/2/2008 18:52

O/T

Tim -
be careful, the CMR whirlpool may start bubbling now that bbbb is a supporter !

[tim00] 11/2/2008 18:48

an increase in the share price GS! A rarity! Incidentally, I've dipped a toe into the CMR pool.

[giant steps] 11/2/2008 18:47

Pamodzi Gold : Closing price Mon 11 Feb ZAR 10.00, volume 187K / 20 trades

pog $922.75/oz, usdzar 7.76, zarusgold 7,161