I'm not sure that a rail deal was as imminent as we'd like to think. The BRM management had been playing that card for a very long time and I don't believe they were anywhere near as close as they say. FMG at one stage indicated that the rail negotiations were in their infancy, contrary to BRM's assertiions that they were advanced.
The WNI bid now has put the FMG option on the backburner, so the rail option won't be known until the takeover offer of BRM and FRS is finalised. If WNI really were looking to speed things up, they can't wait forever to get rail sorted.
I'm not enamoured with WNI as a major shareholder. It's a shame that BRM managed to attract the worst credentially Chinese organisation. However, they've got to where they are because BRM weren't able to stitch up a rail deal with FMG despite having a willing infrastructure sharer. Who knows why a deal wasn't able to be negotiated, but it's in the past now and all we can do is hold on for the ride, wherever it takes us.
For me it's pointless selling on market now, the buy depth isn't there to sell at a reasonable price. I'll keep holding until a cash offer or in a worst case situation, obligatory takeup of WNI shares - which at this stage seems a low probability.
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