Ann: Change in substantial holding , page-13

Hello all. Yes, he's working. Had a chat with PJ a few days back. They worked through Xmas and he remains confident. Couldn't be specific on the issues I wanted clarity on but that's fine. Anyway, interesting research piece from Macquarie today with a series of valuation scenarios according to different rail route/prices per tonne. Surprisingly detailed. And more optimistic re Transnet's ability to deliver etc. Should be on the RES website soon. Val is .34 but that's just base case. Upside higher.

Strangely enough I am finally zen about RES. Still down a huge amount of course but it is looking good. Smart operators have been buying coal assets lately. When will sentiment change?