Ann: June 2024 Quarterly presentation, page-8

It's difficult to determine exactly what Talleys want, but the last time I put this question to BRL management (over a year ago) the response was words to the effect that Talleys want to use the JV as a growth vehicle, they are generational investors that put cash back into their businesses and/or continue to buy other businesses in NZ and elsewhere - and not all BRL shareholders are aligned with that agenda.

I guess the gist of that is that Talleys don't want to pay dividends. You would think that a compromise would be possible which might allow for some form of dividend but also for BRL to benefit from joint investments with Talleys. But Talleys seem patient and as BRL holders get fed up and move on, so the SP sinks, thus giving Talleys further leverage. BRL have not challenged this in the courts, suggesting that legally their options are limited. All a bit depressing, especially given the market for met coal. Probably time to try to do a deal with Talleys, just about anything seems better then this interminable SP stagnation.

Most of the above is supposition, comments welcome from better informed shareholders.