dunlop,i think most people know what the situation is and dont...

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