gm resolutions, page-12

part 2

the cheapest and potentially more rewarding option for shareloders of bwn who already own the tenements if for the following to happen.

1/ float the non coal assets.

2/ give the shares that bwn would retain under the current proposal to bwn shareholders for free.

3/ bwn has no interest in capricorn and isnt exposed to the costs of running capricorn and contributing to future funding requirements.

4/ shareholders retain their interest in these tenements regardless of what happens to bwn in the future....ie, takeover.

if its about creating value for shareholders this is the only option that delivers it cheaply and with a higher level of certainty that shareholders will continue to be fully exposed to any upside well beyond what fate has in store for bwn.

cheers