I still don't agree with your 4% to TT and Trevo... DTD, you should read carefully between the deals. My firm believe is that SNH will still hold 50%plus of PEPKOR. With a win-win for SNH, and the only party to loose from original settlement would be Creditors. They've accepted because it is in their long term interest. PEPCO would be moved by market forces. Once supply because of worldwide disruptions comes back to normal the share price will reflect the same... No stress and no green beers till then...
Hi Polla this is how I see it:
1 - TT getting 29.5 mil of PPH shares or 0,8 % of PPH issues shares+ R500 mil cash
2 - Trevo have option to take 120 mil shares (or 3,2% is PPH issued shares) at R 24,9215 which is equal to cash value of R2,99 bil or Eur 170 mil
3 - The percentage of PPH shares to be given the the other people of the GS is 9,3% - Please do the sums
So lets do some sums:
1 - Percentage holding at present of PPH by SNH is 58,8% less 9,3% less 0.8% = Final holding before paying off any debt is 48,7% (already below the 50%)
2 - The 3,2% option means SNH has lost control over the fut=re growth of the calue of those shares so all SNH will get is Eur 170 mil ( at today's exchange rate what happens if the Rand deteriorates further??) but the holding then drops to 48,7 - 3,2% = 45,5%
So now what is the PIC secret deal? is it they will give PPH the 13% in exchange for SNH shares??
My question to you, how much of PPH they will have to sell to pay down debt??