At 30/12/2011 (last Annual Report on their website), Regent had...

At 30/12/2011 (last Annual Report on their website), Regent had US$16M in cash, US$135M in investments and about another US$30M in assets held for sale / receivables.

Having regard to their array of investments, annual losses in recent years and their now impossible task of acquiring BC Iron, it is entirely plausible that they see their time has come and gone at BC Iron.

There would have been millions involved in pro rata access to the recent placement and they may not have had room in their cash allocation for it. This dilutes and makes their takeover ambitions all the more impossible.

...and let's not forget ego's in this debate.

I am happy to see them gone and believe we will see some new faces on board shortly, people who will assist BCI in their ambitions, not try to thwart them for their own benefit.

...and I will be even happier if the Regent exit puts people off the SPP.