I don't mind if Bhushan stays involved in BWN, just as long as...

I don't mind if Bhushan stays involved in BWN, just as long as they don't control BWN, and their involvement is on equitable terms for all shareholders. The current deal supported by the Board is a sell out in my view, for the kind of reasons Tareq has listed. And what we have now is virtually a backdoor takeover, since, with Johari's appointment as MD, Bhushan now have a majority on the Board. When Johari's appointment comes up for ratification by shareholders, I hope it gets voted down; I also hope that some other non Bushan directors get appointed to the BWN board so that Bhushan no longer has a majority on the Board.

And BWN desperately needs an MD with exploration and mine development experience - not an accountant with a steel industry background.

The board should have a clear strategy for developing BWN's assets and shareholders should be told clearly what it is. It seems to me they have been contented to let Bhushan make the running on BWN. Perhaps they have tried to get other partners involved in supporting BWN's exploration and mine development ? They should tell us about it; if no one else wants to be involved, then we are in a bad situation.

Bhushan's funding should be concentrated on proving up resources on the tenements where JVs already exist (pre September 2008 ) with them:
EPC1045 Shotover - Bhushan 85%
EPC1206 Planet downs - Bhushan 85%
EPC1001 Bhushan 90% Mt Cheops
EPC 1002 Bhushan 90% Kia Ora)

However, all this depends on BWN finding other partners willing to help fund exploration and development of its tenements - both coal and other minerals. At the end of December, BWN only had about $72,000 cash left - a rather parlous situation. And don't forget that tenement holders have obligations to invest in exploration on their tenements or else they forfeit them.

Unless these other partners step forward, then I think Bhushan is in the box seat to call the tune to which we dance.