Just another thing worth considering.In previous investor calls...

Just another thing worth considering.

In previous investor calls Paul has been asked about the sell down. He has specifically stated that they would only look at a sell down if it made economic sense and that they would expect a premium. Their belief was they didn't need to sell down any of Blackwater at all based on their current financial position.

We have since then had AFR articles suggesting they are likely to sell down 20% but perhaps even up to 30 or 35%. We now have this line in the quaterly.



So we have moved from, we will only sell if it makes sense at a premium, to the sell down being confirmed.

A reasonable person would expec that means WHC has in fact secured bid at a premium to what they paid, and in fact there may be multiple bids that are attractive as they look to sell down more than the 20% (As per AFR).

If we take Paul at his word (And I have no reason not to) that means we should get a very significant cash injection in the next 6 months. Ultimately this will lead to being debt free and in all likely hood more buyback and divdends.

The fact we are sill at a lower share price than the acqusition annoucment with these developments and stronger coal prices is quite perplexing. Still a fair bit of room for a rerate in the order of 30 - 40% IMO.