the benefits of flying low

Firstly, I should say that I really value the comments of the core of long term BRM holders on this thread and the absence of much of the blatant ramping that occurs elsewhere. I am a frequent reader, even if not a frequent contributor, to this point.

Many of you have commented favorably at some stage on WR's low key approach with BRM, in demonstrating a very 'business-like' approach in releasing information to the market rather than seizing on every opportunity to attract attention. His apparent preference for flying beneath the radar may well prove of great benefit to us all in the longer term, despite it not driving the share price as fast as some other companies. For longer term holders, that is not the real objective in any case and it appears as though we have now shed many of the day traders that we attracted by the huge surge from $1.13 to $3.20 or thereabouts following the 1.1 billion tons announcement. The sell order for 1 million shares at $3.30 (if still there) has also worked in our favour by holding back the share price to an orderly and sustained rise, thus keeping it off the radar of chartists who scan the market looking for abnormal daily gains.

I believe what should concern us all most is the possibility of a strong takeover bid from one or more Chinese steel makers that will offer a very attractive premium to the current share price, but would fall well short of what we believe BRM's enterprise value will be worth in the longer term. I can understand why WR would want to keep BRM away from the media hype that others are pursuing until at least the full potential of Abalone is understood and some of the other key ingredients to success are more definite – transport and shipping in particular- either as part of the NWIOA or as an independent solution.

What I am struggling to understand, is the significance of the current (recent?) international roadshow in the context of what I have said above, unless it is focused on raising development capital with a sufficiently wide spectrum of institutional buyers that a Chinese takeover becomes a lot less practicable than simply taking a 14-15% stake to achieve some guarantee of supply. The fact that the roadshow is also so low profile within AUS – no dates, no locations, no response to emails on the topic – tends to make me think that this is the case.

Personally, I am happy to have the share price continue to move up in a sustained, unspectacular way for the next few months at least, until more of the key milestones ahead have been achieved; i.e. results from the recon drilling at Abalone, completion of the infill drilling at Rockhole Bore, the upgrading of the overall Marillana resource planned for August and some news on the transport front. These should raise the undeniable value of BRM to a level that makes a 'bargain takeover' less of a risk for us all.

As we have all said before – 'Patience is the key'. I may not hold enough BRM to fund a block of land and a dream home like GS and others, but I have no strong objection to making truckloads of money either!

Does anyone have any news of any kind on the recent international roadshow?