Lovely chart, page-14

Sometimes it is what it is, and to give some perspective/analogy.

It is like Warner and Maxwell, comparing contracts from year to year in regards to how much they are being paid in the IPL. What it is, meaning it’s a heap of money, and debating who is worth more and why they did or not receive more in particular seasons is irrelevant when your paid $1.5M or $1.8M. Their payment is also determined by factors of chance, meaning who wants them and will bid at the same point in time… sound familiar with CRN stock?

CRN produce equal coal to WHC, whilst CRN also produce Met coal being the more sought after and higher sale priced coal. So ultimately CRN will come out on top-financially.

But for Year to year, the SP differences does not always equate to logical sense.

Also, 6.67% is very conservative, as that was only one dividend payment you have factored. The reality is more like +20% distribution plus capital growth, given the free cash since xmas locked in over $400.