What you don't seem willing to acknowledge is that the Board and Management actually saved this company. Firstly they trimmed costs and excesses (including salaries) related to the previous CEO and then battened down the hatches to grimly hang on for an uplift in coal prices and a significant capital input to develop the transport infrastructure for Cascade. We could still be there. Better coal prices now but no capital for development, no offtake agreements and no customers. - Shareprice around 1.5cents.
The clever bit is that they didn't just see opportunity with SE but financed it from nothing.
BRL although not broke was struggling just for positive cash flow.
To even bid for SE they needed guaranteed capital so they used their network to secure Tallys as a partner and tapped the largest shareholders for funds- at a premium to the current shareprice.
They used their knowledge, judgement and resources to secure what has turned out to be an incredibly good deal.
To see it all work out, the company transformed to a hugely profitable one with excellent on-going profit potential
and for all of us as shareholders to be SO much better off and then say to the entities that actually made it happen,
"Well, because this all worked out so well and we're now in great shape, we're going to renege on what you thought was the original deal. Thanks for your help but 'up yours' " would have been totally outrageous and untenable.
I suggest you stop carping and take an appreciative look at what we now have versus what we may have had if the Board and Management had sat on their hands or botched this deal.
I respect your view but see it lacking in reality.
BRL Price at posting:
13.0¢ Sentiment: Buy Disclosure: Held
(20min delay)