Yes, I think most SH would agree with that. BNU was supposed to be a cash cow but has been a failure so far. I dont know why but they just can't seem to catch a break and look like they will divest of it and concentrate on QLD or Indonesia. The employment costs at BNU are horrendous and totally unjustified given the performance of the operation. From memory they pay the managers about 1/2m each. Fire 2 of them and they might even make a profit.
10yrs at BA is quite good and they have stated they are advancing QLD and Indonesia options. I think their holdings in QLD won't have the ADANI issues as they are closer to their current operations and infrastructure, but time will tell. The debt is very good at the moment and well managed, and they appear well placed with income. For me the Sept and Dec qtrs will be critical to my decision to stay or go. No divvy or SP appreciation - no Samb61.
SMR today, page-32
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