Ann: Quarterly Activities Report, page-16

I'll be surprised if an offer comes in at anything north of 10c. Give this a few more months and they'll owe $20m and may still not be cash flow positive with good exchange rate and high coking coal prices.

Only way this is worth anything in my view is if after diligence they really think the reason the mine isn't operating better is because of the Board. The Board don't operate underground so it's hard to see it really just being them. They are responsible for pumping up the tyres as hard as the did in the IPO though, clearly some smart people in the coal game got sucked in.