Ann: Guidance Update, page-21

The big issue was that they paid out dividends through debt initially and got badly burnt by the market. This lead to them having to raise capital at the bottom of the market and take on higher priced debt.

Some of this was their management and part of it was just them sticking to what they had projected in the PDS. Either way not smart.

Now that the coal market has been strong it will allow the company to shed the debt and get back to a more conservative footing. I just hope that they only distribute 60-70% of FCF, rather than trying to push 100% as they have previously stated.

In then end you just have to take a view on where you see the Met coal market over the next 5yrs. At the moment it certainly looks like there will be some tasty divs coming up. Also they may look at expansion of Curragh, which has been shelved for a while.