Ann: Board Report to Shareholders-RES.AX, page-4

I think an all debt funding was always part of the deal.

The items of note to me include;

1) a new COO yet to be announced...ie someone who knows what they are doing as opposed to, for example, previous management.

2) they have done a revised mine plan - cant remember if previous management told SH of their mine plan but have to assume current one is better... or else these guys are muppets too.

3) CAPEX and mine contractor lower - to be expected...Sedgeman will work for 2% margin given the state of the coal market..imho

4) what is perhaps of most interest is the IPP plans.... perhaps to get the real money in SA you need to sell electricity as opposed to coal that is everywhere.. ie become a vertically integrated entity...

I wont buy it until there are big chunks taken out of it by the bigger fish


If all is to be believed, there will be upside for the mums and dads even after the big boys get set..