Ann: Half Year FY24 Results Presentation, page-77

It's pretty hard to mess it up from this point on. The first strike was over the remuneration package, and they deserved to get a strike for that, regardless of how well they've done (or haven't yet) on this BMA deal. That package wasn't good for shareholders. Their previous contracts dealt with everything to date and the new contracts were written as if they were backdated. I'd like to get a contract like that in real life, for some of the real life work I've done, id be owed many millions for what I done for some folk... made them a fortune and I only got paid what I was contracted to do.

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What could go wrong? That's the best question to ask here and it's great to see you asking it. My biggest concern is how hard BMA have highgraded on the way out. They'd have known they're selling for around five years now, and had plenty of time to direct production towards the lowest strip coal. We'll only know the answer to this in 12-18 months after the post sale production numbers are known and can give steady state ROM figures. Until then, I'm being restrained, preferable to a net cash positive position in WHC.