blue star airlines

'Gordon Gekko: I don't throw darts at a board. I bet on sure things. Read Sun-tzu, The Art of War. Every battle is won before it is ever fought.

Bud Fox: Why do you need to wreck this company?

Gordon Gekko: Because it's WRECKABLE, all right? I took another look at it and I changed my mind!'

With the risk on trade bell being rung loud and clear on global markets last night the question for exergen and the mnm board is this:

How much longer will the disconnect between MNM's BM, LV, Mt M & Texas coal and coal seam gas holdings and a $25 million MC be ignored by energy project predators, or even a new generation of asx corporate raiders like MCX?

Will a 2 billion tonne + BM JORC trigger opportunistic takeover attention for an (artificially) undervalued coal resource warehouse like MNM?

Even steps by exergen/tata to confirm construction of demo scale chtd and/or dice plants at the LV (whether on MNM ground or not) will be enough to cause intense scrutiny of MNM's status as the largest listed holder of coal ground adjacent to the S7.

A project enabling ILUA at MT M could give MNM a peer comp EV on that 500 million tonne thermal coal CSG project of $200 million at a conservative 40c per in ground tonne.

On a sum of parts basis using asx listed peers with similar in ground holdings of brown coal, black coal and CSG potential to MNM it is obvious that MNM is trading at a fraction of fair value.

It is also obvious that the MNM SP has been deliberately kept in a 9c-11c range for 4 months now.

Unless exergen takes steps to lock up MNM's coal by a binding JV soon I suspect another coal/energy player, or a corporate raider, will work out the games being played at MNM and take steps to attack MNM's coal holdings.

I hope MNM and exergen do go ahead with their planned Victorian brown coal revolution.

But failing any progress on that front SOON I am also more than happy to support any corporate activity that may emerge that will unlock the true value of MNM for SH with the votes I control.

Note to the MNM board - I suspect plenty of other MNM SH in here will do exactly the same thing.

And I think we have the numbers...