The latest R626-million 'expression of interest' for the entire Pamodzi Gold group was not only "inadequate" and "not in the interest of creditors", but might result in "further protracted delays" and had "no binding effect", liquidator Enver Motala said last week. Believed to be Chinese supported, the R626-million offer was made by Pamdozi Gold founding chairperson Ndaba Ntsele. Motala said that the offer contained several "conditions precedent" and was "inadequate" in that the collective bids for Pamodzi Gold's Free State, Orkney and the East Rand assets would far exceed the 626-million rupees, which had been further dissected down into a loan of 400-million rupees and equity of only 226-million rupees. The bid thus placed a value of only 452-million rupees on the entire group assets, which had debt of over l,5-billion rupees.
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