Ann: Update Company and BBM Project, page-365

I agree with the points you express, although whether CKA shareholders will ever benefit to the extent that they should remains highly uncertain.
Aahana has the opportunity to make an absolute fortune and has leveraged its position very well - it is in no hurry as the coal is going where. Whilst major CKA shareholders have ownership/control leverage their (Dom et al) reluctance over the years to appropriately capitalise the company in order to independently develop the coal deposits has always put them at the mercy of others - just look at all the failed attempts to get other people to finance development rather than CKA shareholders. With financial leverage (i.e. lots of money in the bank), CKA can say to third parties, hey, would you like to join us and we will give some of the spoils? Without financial leverage, the best CKA can hope for is a minor part of the spoils, if any at all. Until you see the structure of the final financing deal you cannot assess the extent, if any, of the value of the coal assets that will flow through to current shareholders.