Polish Coal Market Update - Bogdanka Comments, page-177

Hey Brenno, that's a pretty hard question to answer.

The thermal coal futures market, the Polish financial analysts and the CEO of KW S.A. don't seem to think the coal price will do much out to 2020, so based on current information, I don't see investors rushing back into coal stocks any time soon. I do also realise that there are always naive inexperienced investors out there ready to gamble their money away on a punt, so anything is possible.

IMO, I think your best chance may be through the re-listing, re-capitalisation process, that's if BMB can find anyone who is interested. Without Ample Skill's cash so far, BMB would have been history so IMO he may play some role in further funding.

If it does get re-listed, and investors can be convinced that it is worth more than the $8M market cap. that the ASX put on it before the final pump prior to de-listing, then you might be ok share price wise who knows, it'll boil down to exactly how it is re-listed and how much existing shareholders are diluted in the process. With the number of shares now on issue (approx. 908.7M post conversion of con. note 2), a share price of 17 cents now equates to a market cap. of $154.5M. Given the state of the global, European and Polish coal markets, and the quality of BMB's assets, BMB will be tough company to sell, as evidenced by the fact that Ample Skill has been the only one willing to fund it for a number of years now.


You can still sell your shares if you want to, you just have to do it through the company rather than on the ASX.

Good luck with your investment.