re: Ann: Interim Financial Report and Appendi... Yes as expected...

re: Ann: Interim Financial Report and Appendi... Yes as expected thorin the idea of significant assets sales or sale of a stake in the SA business appears to have disappeared completely now. Its not mentioned in the presentation in the outlook for the second half section. Only JVs with Bots and Dewitt, any proceeds of which would be expected to be dedicated to those projects. So despite the hype initiated by the CCC's comments on multiples of share price, the only way to fix the hold co problem is to sell shares. That looks pretty close to me. For the first time, they give a number for holdco cash of $500k. In my view, that's pointing out in writing for the first time that there is a problem.

The operations are doing better than I would have expected at lower coal prices with EBIDA apparently flat. Not enough to save the day though and flattered by the consolidated accounts as a chunk of profitability must be coming from domestic coal which they only own 40% of. Anyway, breakeven EBITDA hardly enough to save the day when there so much debt and other liabilities.

Vanmag not that relevant to me at this stage. No shock more delays but I suppose some cash has come in so will probably be paid eventually. I'm sure Mashalla vendors will wait for the money. They are hold co creditors as well so not much point liquidating the group. They will be patient for Vanmag settlement or large share issuance I'm guessing. (Same approach as the holdco convert holders who seem to directly or indirectly accept shares in lieu of coupons for now). The mysterious consultants continue to do very well. Nice work if you can get it! Shareholders can only hope for another story to be told to perhaps push the shares up a little so more can be sold. Or perhaps a spike in coal prices could bail out shareholders. Its an easy sell sentiment for me.

Oh, and the RR loan saga continues. Not sure how Range Directors thought that loan was in the best interests of Range shareholders. They may explain as some point.