Ann: Quarterly Report, page-35

Talleys would be in great position given they would get JV cash back plus already own a decent chunk of BRL. They also would not want another party to take over BRL who could have even more patience on JV divis and not be as easy to handle as the current BRL management team and non-activist shareholder register. You would think a STAM or other activist party must be weighing up as would not be difficult to force this to happen, with management just needing to put up white flag and announce a strategic review, but obviously have big incentive not to, so would need a change of control or board change.