Ann: AGM Presentation, page-7

You could say for an 'established' coal miner, a price to EBIDTA of around 5 would be somewhere to start... this would imply that BRL should be well into the 20 something cent range - something I have been saying, using various different measures and comparisons (all based off sound fundamental research) for many, many months - and we nearly got there at one stage (oh and yes, that is after all the dilution is done - which it pretty much is - and before we consider them hitting above their target 75m - or another upgrade in just 3 months time, like the past quick upgrade!)

At the AGM maybe also ask a quick question on the confidence they have going to court and if they can explain it further in anyway - although ironically, thanks to their great management, and 'the art of the deal' that was buying SE, they could likely now pay the full $40m and still make a NPAT!