Ann: Daily share buy-back notice - Appendix 3E, page-11

Unfortunately the management live in a bubble along side the large SH'ers......if you did not work that out after the bank swelling decision the management made for themselves and investment buddies by converting the RCPS well you have a lot to learn.....SP was 17-18 cps at the time

This decision alone has kept new insto's away.

BRL's peers have experienced a  huge rise in SP over the last 12 months.

Their closest comparison SMR is up over 100% and that was before a takeover offer so if you think coal is out of favour as an investment you are very wrong 

I sold out as soon as this was announced then only bought back in after the loss of the court case was announced (11cps mostly) (which was going to be a clear decision to anyone who spent anytime in court at the closing statements) which I did.

Because management live in a bubble I currently believe they think they have done a wonderful job on getting the SP from 2.2 cps to 12 cps.

Unfortunately anyone who has done their homework already knows BRL are going to produce an amazing result for the coming 6 months Ann......I say $54-56m EBITDA so no surprises are coming to alter the markets view of management.

Also unfortunately rash persistent bleating about the price of coal sky rocketing has turned out to be a very predictable load of @#$% and we now have a coal price under $200 again and I think we will all end up very thankful they have hedged 25% of export tonnage.

Don't think they are in a position to pay a divi this ann on top of the buy backs that are ongoing given they have a monster court case loss hanging over their heads.....plus interest.