a vote of confidence - from the us, this time

Following hot on the heels of the announcement that Credit Suisse had become a major shareholder, Bank of America has joined the party.

Two points which come out of this, both really important to SYR holders:

First is the obvious one. As a major shareholder, voting with their feet (or their chequebook!) on their view of the future of a company, they don't come any more significant than Bank of America. This move is a huge vote of confidence.

Second, and a little more subtle, is the likelihood that SYR will have a door wide open when they start to look around for funding for the Balama development. It's pure speculation, but, having seen Paul Kehoe's excellent footwork to date, is it possible there could already be some sort of understanding? If so, that could prove to be a very shrewd direction in which to move his options, as happened a few days ago. At one stroke, he has acquired a tier-one major shareholder, a source of international funds, and an overdue personal reward in cash. At the same time he continues to hold a substantial share of the company, with a holding currently worth about $60m.

Now, that's really managing the business!

Cheers, Prime1