Ann: Completion of sale by BCB 10% of Broadmeadow East Mine, page-11

I don't see any problem, just noting that for some reason the structure is different as described in the third paragraph. Having gone through both announcements I can't see any significant difference, as the BLJV will still incorporate the same assets as listed in the July 2023 announcement (Burton mine and CHPP; TLO; BME mine; Lenton project; Kerlong village). But there had to be a reason for the changed structure and perhaps someone quicker than myself has cottoned on to why. You'd think that Formosa is advantaged in some way because BCB appear to be in a weaker position than when the deal was first struck? Market is reading something here, as BCB has underperformed (-20%) in the past month versus relative strength across most other sector peers (SMR +9%, CRN and WHC +13-14% and YAL +19%). If the quarterly comes through OK I might punt a bit here.