Blackcap,I understand you are not happy with what I write. But I...

Blackcap,
I understand you are not happy with what I write. But I am just the messenger. The messages are not being heard by BRL management.
Consider the following:
1. Yesterday, they could have bought several hundreds of thousands of shares at 13.5 cents. We barely saw all shares traded. This is an excellent way to destroy confidence in a supposed buy back program.
2. Disclosures. Has it got ANY better? I don't see that. I explained why the hedging program has been swept under the rug when it comes to disclosure Now I have zero idea of how much hedging they are doing...or even if they are doing ANY hedging.
3. Hedging. BRL management was very loud about how they would save us shareholders from the folly of the coking coal market ups and downs. They insisted US$180 was a super high price. Well...that is turning out to be utter rubbish. Futures prices are way above $180 for the next 2 years. Which leads you to question what kind of understanding BRL management really has about the very market they are supposed to be experts in. In the process of foolish hedging, we have lost unknown millions of dollars in profits.
4. Going back to the buy back program. We were supposed to be buying back 75 million shares. We are barely a third of the way...and there are less than 3 months left in the financial year. You got to wonder why they went through this effort of claiming such buy backs. No dividends...which means BRL management is giving you and me the middle finger when it comes to what they feel is their duty to minority shareholders. And how much have they really spent on their buybacks? A$2.5 million at most...about a few days of supposed cash flow. Either the cash flow is not there, or they have zero concerns about what you and I care about.

And the market gets all this. There are hardly any buyers left..the bids really taper off quickly. Any little confidence a potential buyer would have, has been utterly destroyed by this incredibly incompetent management. The offers keep piling up like a Tsunami.

You can scream and yell at me as much as you like...but when you do so, the only thing you really display is your very own denial about the reality of this management. Better that you spend your efforts at writing to this management and even better...give them a piece of your advice on the phone. Your efforts on me are a total waste of your time.