Buddy,It can be a JV, a farm-out, an off-take or take-over with...

Buddy,

It can be a JV, a farm-out, an off-take or take-over with off-course, different probabilities.

Although I am not a take-over expert nor do pretend to be one, take-overs seem to be motivated more by the desire to expand quickly rather than by opportunistic considerations based on share market price oscillations.

If you are looking for a suitable target and if after having found one you do nothing then you run the risk of seeing your target being usurped by somebody else.

Thus, the recent share price move may be linked not only to the possibility of any immediate takeover, but also to Bandanna's own steps to become a more attractive take-over target through the resolution of some outstanding issues or removal of negatives.

Another possibility is that price forecasts for coal may have been revised recently on a more positive note or at least not on a more negative note, a fact which again can make Bandanna once more a more attractive target.

What does not fit with this is the recent attitude of the founding members who have been selling at almost historical low prices as if they did not care about maximizing their gains. Would it bee that Bandanna has changed strategy and is now attempting to become a middle tear coal producer on their own right? But by being not privy to what the board is thinking or doing, I really can only, probably like everybody else on this thread, speculate.