rail, page-7

Rail would still appear to be a way off, and given WR's sale to Wah Nam, not likley to be resolved anytime soon.

Wah Nam have also been allowed to acquire a nice slice witout any apparent competition for their stake. They are now comfortably BRM's largest single shareholder and I would not be surprised to see them request a board seat now. If BHP thought that BRM would be on the tracks, you could have expected them to buy a blocking stake against the Chinese, but alas it does not appear to have their interest at this stage.

Not sure where we go from here, but I have a feeling that WR's $3.11 sale price might be the ceiling for the SP in the short/mid-term. Only another player wanting a stake would drive it up from here, and that doesn't appear to happening. Wah Nam will shortly not be able to buy anymore shares without launching a TO bid, and then we might see a return to low volumes and a stagnant SP.

BHP can still bury any rail applications in a mountain of legal tape, and Barnett's noises are like a marshmallow asserting authority at a BBQ. Kloppers would be saying "Colin who?" Still, Wah Nam thought WR's shares represented value, so let's hope they know something we don't.