rail, page-7

I think the highs need to be disregarded as they were artificially set by WNI and supported by its mates buying up to accept the WNI scrip.

The true value of BRM prior to WNI was around $3.80, so the falls from that level aren't too bad. I don't think the SP is going to go much above $4 if a rail announcement is ever announced, I think our dreams of between $8 and $10 are just that, dreams. The SP is in a slow decline and by the time a rail announcement comes in sometime in the 4th quarter, I reckon the SP will be looking fairly sick and sorry and even a doubling in price will take it barely above $4. I did sell a heap at $2.50 and still believe that the SP price will drop below this before any rail announcement. I also have lost much faith in BRM management and have changed my sentiment until I see proof they're able to get the hard deals done, not the easier stuff they've done to date.