Cockatoo Coal COK has been doing really well lately. It has a market cap of $200 m and where are we at with Bowen, what a pissy $10 m market cap. If we had a market cap, like COK we would have a share price of over $2.00 a share.
There is no reason why BWN cannot get a comparable coal resource to COK with a very small drilling programme. You must appreciate though that the current board only represents the interest of Bhushan, and that they do not want you to make money on your investment, their objective seems to be to allow a contination of the share price drift and convert their company loan into BWN shares at a progressively cheaper rate (remember it is cheaper to do this if the share price is low, better to do it at 5c than $1.00 after all). The current loan arrangements give them an interest in the company which will grow over in terms of their control over the share register.
It sounds unfair to most of the Aussies that have supported the company, the poor mum and dad investors. And guess what it is UNFAIR. But you can do something about it and VOTE YES TO ALL THE RESOLUTIONS WHICH ARE BEING CONSIDERED AT THE AGM ON JUNE 22. It is your patriotic duty as Aussies to do this, I for one am not happy that a some of the most prospective coal leases in the Bowen Basin could be owned by an Indian company. Even worse that that I have been ripped off by a group of Indians, and given a couple of cents instead of a couple of dollars for each share had the drilling programme been allowed to continue and a JORC resource been confirmed.
BWN Price at posting:
10.5¢ Sentiment: Hold Disclosure: Held
