dunlop,
i think most people know what the situation is and dont need it explained.
there are a few options but here are 2,
1/ bwn can retain a % of capricorn and our exposure is via shares in bwn.
2/ bwn retains NO interest in capricorn and the % interest is given to bwn shareholders who can then increase their exposure via participation in the float if they so desire.
personally i prefer option 2 because regardless of what happens to bwn (eg, takeover) i will be exposed to the non coal tenements until any value is unlocked.
i just can't see as much certainty and value being created for shareholders in option 1.
to be honest i'm not overly interested in these tenements but i do prefer management who create value and i would be nuts to not seek direct exposure for 0 additional cost.
but different strokes for different folks.
cheers
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