Ann: Thackaringa JV dilution triggered, page-33

Seems like BPL want to push the fertiliser up hill with a rake in a rain storm. That's fine. I expect to see an announcement on that shortly, followed by mediation, wherein BPL tries to renegotiate the dilution (or something), then COB has to decide whether a judge will give them a win in court, or just let BPL claw back a better dilution equation or not. 

Or BPL goes to mediation, and then they decide to dilute to a royalty and leave it at that. This is probably their cheapest option, honestly. It's abundantly clear their $8.5M balloon payment is popped and they can, at best, hold on to 6.32% by funding their cash calls. Which, at 6.32% might be affordable, being $360K over 2 years.