Ann: Commencement of Longwall Operations- NRE No., page-8

re: Ann: Commencement of Longwall Operations-... Fidosnos, I think you are correct that AKJ would not be keen to further screw minority S/H. I would expect the dramatic underperformance has been quite embarrassing for him and the greater organisation. There is no doubt that instos and material S/H would have been loudly and repeatedly expressing their concerns.

Unless mgmt turn around the GNM share price and rebuild confidence, the debt and equity markets will be closed off to them in Australia. I imagine creditors, contractors and employees have been wary of doing business with GNM as well. Not a favourable environment if one is attempting to build an empire.

As for a dividend - unlikely IMO. They'll use any surplus cash to buy an over priced thermal coal player, diluting the HCC exposure. The good news is that by the time they have surplus cash the share price should be much higher than 18c.