I think this is a good first step, but I still think the wolves are circling and we need to watch they are not wearing sheep clothing (so appropriate given we are dealing with kiwis).
I wonder why Coates is hanging around ?
I wonder why we need 3 of the past Directors, one of which is heading for the exit involved in the Independent Infrastructure Committee. Were these 3 involved in all the recent actions by the board to delist etc ? If they were serious it will be a committee of 3 and Coates/Warburton should not be on it. How about the 2 new Directors and 1 from the old camp - if McAdam is hanging around as a operator not a board member than let him sit on it to provide operational context. Sorry, trust needs to be earned and they are starting from a big negative. It is not that hard anyway as they are getting independent consultants to do the work and assess the options and make a recommendation.
That recommendation will then be used as the basis to why we should be doing a deal with BBIG as per the BBIG terms. I want to know that the new Directors have briefed the Consultants to look at all options including Gina (spare capacity at Pt Headland), FMG (have rail) and even MIN with their BOTS and are prepared to know what it would take to do a deal. The only way we will get a competitive offer from BBIG is if there is competition. I would rather give 20% of equity away now than 50% of future profits in a non competitive deal as that would destroy value.
Keep your defences up boys and girls, but enjoy the fruits of some excellent work by quite a few.
