Have just finished a reread of all the docs from this week.
Clearly, with the Indonesians apparently not Interesting in taking an equity investment in BCI (although they appear to be pressing ahead with a binding offtake for salt), the essentially, one for one 'ANREO' was the best way to go for BCI.
Equal opportunity for all holders and not a huge discount, plus importantly, substantially underwritten by AusSuper, the second largest holder.
It is what it is, but at least it provides certainty around funding. They also seem quite certain of receiving Enviro approvals from the Fed's.
So just leaves the great 'unknown' of the matter of SOP - the 'Jewel in the Crown' or the 'Cream on Top' of the Mardie cake......
Only time will tell.
GLTAH.
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