Ann: Quarterly Activities Report, page-12

I have never seen a company continually churn out positive news, whilst having a favorable backdrop (eg robust coal price outlook, dropping exchange rate) but resulting in the share price (almost) continually not react (ie flat), or even react negatively (ie drop).

BRL confirmed they have beaten guidance for a 5th time (among many other positives in the past year - as well as the future looking very robust: EBITDA looks likely to be over 100m for FY19) and... the share price has gone down - in fact briefly it was the lowest it had been in a month.


Clearly there are other factors outside of BRL's control that must be weighing on the mind of Mr Market. The court case? Clearly... and as some have stipulated, the convertible notes. In some ways, I just wish the sophisticated investors holding these shares would convert and dump on market now - a bit like the court case, just get it over a done with! Frustrating that the share price is arguably being artificially held lower.

At least it is good to hear we should know the first judgement of what could be a long drawn out battle within the next month.

The good news for investors such as myself is that these unfavorable uncontrollable external factors won't go on for ever, it is just a matter of time before the market figures out that actually the shares are worth well north of 20c even after all shares are converted, and that actually they can pay the court case. It is a shame Mr Market views BRL as a glass half empty / very differently to other coal or mining companies.

As they say, patience is a virtue.