Ann: Resignation of MD & CEO/Appointment of new CEO, page-14

All I meant by 100% downside is there is still definitely bankruptcy risk with BRL. They have debt, negative cashflow and the debt and equity markets are likely closed to them. At some point they will run out of cash. Even closing loss making mines cost money.

Alternatively they may be recapitalised (maybe like COK) but this will likely be highly dilutionary.

There is always the potential that coking coal rallies and people buy the coal companies. Some small cap resources are rallying at the moment. Unfortunately coal is later cycle and currently oversupplied for both coking and thermal. Plus China's steel production has likely already peaked and while India has real potential its steel demand is significantly less than China's demand.

Someone will likely make a lot of money out of BRL at some point. But I am not sure if it is current shareholders and I have absolutely no idea regarding the timing.