Ann: Dividend/Distribution - CRN, page-49

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16/03/23

11:28

Post #: 66798133
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Originally posted by aaa53: ↑

I have been thinking about my earlier post re acquisition of Blackwater.

I have raised my concerns on CRN management since their management of dividend/cap return just before Covid hit , then their subsequent debt restructures/ capital raisings........ the Blackwater will be the next test , a good deal vs a bad deal .

I think BHP would prefer to sell their assets and more importantly move their people to an established Aussie company vs China/USA companies.Also CRN already has mines near Blackwater , so clear synergy for operations going forward.... as such CRN would be in the box seat ............

Issues
1) If BHP has concerns on CRN management ......they will not move their people there.
2) How is the deal structured ........Price is not the main concern for mine.
The preferred deal for me is one where there is NO new debt or capital raising required to absorb Blackwater.
this would require an agreed purchase with BHP with a Payment schedule , which would follow CRNs cash flow from operations.
Even with a Sales price that factored this , it could still be cheaper then DEBT and definitely better than the impact of a capital raising. CRN could pay $750 M by end of June and further $250m each half year until sales price paid out. The deal could include additional share of Blackwater profit based on agreed parameters to make the extended payments sensible for BHP.

Dunno is CRN has the negotiation skills to manage this deal in such a way ..........I have re purchased shares given current price decline and can only hope a) they make a smart deal for blackwater b) someone else buys it. Time always tells.

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took a peek at blackwater yesterday
my impression -- massive massive rehab
crn find dirt to dig and mine coal not dig dirt to fill in holes someone has already mined

CRN Price at posting: $1.73 Sentiment: Hold Disclosure: Held
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Ann: Dividend/Distribution - CRN, page-49

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