Below is BGF Equities cash flow forecast updated by me with new...

Below is BGF Equities cash flow forecast updated by me with new figures. The ones in red are the ones that result in a completely catastrophic change in the outlook for both companies. I am not complaining about that.

What does concern me is that the price of new equity capital for the Sandpiper Meob project has gone through the roof. Every b*gger and brother would have wanted to invest last November at the time of BGF's forecast using their cash flow per share figures for guidance. But now that we've swung from the prospect of $700m gross cash flow to that of minus $16m means the right to supply this project exclusively with the capital it needs is actually very valuable indeed (on the assumption that phosphate prices will recover). It is this right to exclusively supply BON with the capital it needs that MAK has acquired in getting a controlling stake. I can't see what is to stop MAK forcing BON to raise huge amounts of capital at this low share price in an exclusive placing to MAK. The common directors of MAK and BON having exchanged their BON shares for MAK shares are now in a good position to scalp the BON minority as far as I can see. I don't see what fiduciary duty to the minority has to do with it. BON needs capital, so they will say they've done nothing wrong, won't they? The fight for control of BON was all about creating a fabulous EXCLUSIVE investment opportunity in BON at near the bottom of the phosphate price cycle? Just my view.