up to 53% now, page-9

Mozart,

The irony is WN's main touted selling point of their expertise - that they may be able to raise capital, is of little need with a rail deal. It would be relatively straight forward. When you look at WN's balance sheet & capital structure, you have to ask whether WN will be able to raise anything (unless their is a big brother behind them.)

WN, I suspect will look at onselling their stake to a Chinese major, as a viable exit strategy for themselves, and unlike what they offered us, they will demand cash and or solidly backed scrip. This is why they wanted to get a full takeover. 53-54% is not as compelling, but someone will probably be interested. And all they did was issue a few billion shares in a shell!