good for cok??, page-11

Great news... for Posco.

They get full ownership of Hume and all they lose is their (near-worthless) stake in COK. The $10M cash is just paying COK back for the money they spent on Hume.

The 30% stake was bought by COK for $21.5M and now it's being sold by cancellation of shares worth $6.4M.

Things are looking increasingly desperate for COK now, however much management try to spin it. From the tone of the ann and as doctornoh pointed out the lack of mentioning of a stake in Baralaba it looks suspiciously to me like the company is being set up for takeover, which is very disappointing.

I hope I'm wrong. But when you have a company with an $822M asset, a $100M loan and such a pitiful market cap, you have to wonder why anyone would be foolish enough to buy into the project when they could just have the company for much less. Then they'd get the Surat assets for free too.