I think people are focussing too much on the 20% held by...

I think people are focussing too much on the 20% held by founders nathan and clive.

I dont believe this is holding bmn back at all. It is fair comment company has not been good at marketing itself above broader project development.

Why is the 20% minority interest that relevant as it hold limited influence. The answer in my mind is the 20% is worth a significant discount to the bmn share price so why should the company buy it out:
- it has free carry to bfs stage,
- only has entitlement to cashflows project co decides dividend but is responsible for 20% of commitments,
- has no control value as is only 20% interest in project co.

As a shareholder it would destroy value to buy-out at current market price. Am sure Nathan and Clive want the cash but has to be at fair value for bmn and that is discount to bmn share price. Maybe they believe a better price is to be had as part of strategic deal and that is probably true given company has said it is looking at a project co level deal.

I believe bmn should not over pay and company should focus on delivering value to shareholders through a value enhancing strategic deal!

No doubt shareholders have waiting a LONG time for this but time has worked in our favour with uranium price.

I prefer the company to 'show me the money' via a strategic deal than a take-out of minority 20% interest that adds no value.

My thoughts only.....