Ann: Entitlement Offer - Shortfall Notice, page-100

What you say is all correct, logical and compelling. But this is CKA. BBM became shovel ready August 2015 with all permits and approvals in place. Barging commenced in August 2017 and in October 2017 DM publicly announces "successful transition from an exploration company to a coal producer". Yes, I know, there are a million valid reasons why things never progressed. The one constant has been the unwillingness of the company to actually set itself up as a production company - always wanting to entice other parties to do the heavy lifting. The one saving grace is that the major shareholder has actually committed a significant amount of money and , presumably, will want a decent return.