Ann: Bellevue Succeeds in Court Hearing, page-43

I wish all holders good luck but I'm out for the time being, took my chance to exit at 80c this morning. The ridiculous high value/low multiples in solid producers, made me do a risk reward rethink and I have re-allocated funds to NST. This is trading on 3.5 x forward guidance on 21/22 free cashflow at todays prices. That's just crazy cheap for a stock that used to demand a premium, and even has a small 2% dividend.

I know BGL is probably also cheap at present, but recent events didn't sit well with me and I don't think the June stage 2 FS will be anything amazing (better but not hugely so). I think its best shot at a significant re-rate in the next 6-12 months is a takeover bid but I'm not willing to wait around to find out, whilst other low risk high reward opportunities pass me by. If I had spare funds I would have kept a small BGL parcel to stay in the game but I don't, so for the time being I wish you all well.