Ann: Change of Director's Interest Notice (Richard Tacon), page-2

It is good to see the Chairman of the Board and the CEO make a feeble attempt to buy some shares at these ridiculous prices. But these are tiny amounts...if it was meant to show their faith in BRL, clearly the market met it with derision...we are back at the lows for almost 18 months at 11 cents.

What they need is to take out their bazooka and buy out all the shares they can with the cash in the company. With less than 3 quarters left in the financial year, it will be impossible to spend anything like $11 million shares in the buyback...yet another huge knock to management credibility. Why make such tall claims when you don't appear to have any intentions to buy back shares?

What are they waiting for? And this is where management credibility takes yet another knock...at least they could explain what they are waiting for. Is it a dividend from BT Mining before they start loading up in the market? Is it more clarity on the court appeal process? Do they have operating reasons, other than these two (dividend and court case clarity) why they can't do something?

I get zero response from management when I ask such questions. Just some platitudes about "we are fully committed to the buyback". Talk is so so cheap....

The market is telling them loud and clear that their cash flow is going to be dramatically higher. June 2019 met coal futures prices are at $194 and Dec 2019 at $187. This company is having cash literally pour out of their ears.

Who is that cash for, if not for the owners of BRL, us shareholders?