btu - quick snapshot

1. 'Glamorous' share register - rockstar fundies Matthews Capital (Velocity Fund?) and L1 Capital hold roughly ~19% and ~6% respectively, I believe
2. By my calcs BTU may hold 1-2% of the world's coking coal market if they meet their forward projections and assuming global coking coal production stays constant. Market cap of ~$550mil doesn't seem to be factoring this in, in my view
3. IB support - I think CSuisse, JPM, UBS, GS and Citi all have Buys/Outperform recs on the stock. Takeover rumours are persisting
4. Offtake agreements in place with Stemcor, CITIC
5. Logistics - plans to ship from Westport to Port Taranaki in place. Recent leasing arrangements in place at Taranaki -BTU's area is adjacent to a deepwater berth according to Hamish Bohannan
6. Very few other listed pure play coking coal developers on the ASX. Recent M&A/auctions in the space also encouraging - MCC, WHC, Felix, NHC, RIV, EOC, NEC, etc
7. Maiden coal export in Nov/Dec last year

*Lets hope environmental approvals are forthcoming. Given some of the above key points and recent key hires (new COO), I would argue the company and its key holders expect the environmental approvals to occur...watch for a re-rating like what we say with LYC last week if they do.