First it is a $40-$60m acquisition in Kentucky, fully funded by project finance and now we also have a significant coal operation in NZ (admittedly still a few years from development) with a 14 month option to purchase.
These guys are making serious moves in coal and could become a significant producer within a year or two. Sounds risky as hell, but if they know what they are doing (I have only heard good words about Hamish), then this could lead to a major re-rating and some very serious upside in share price.
Now we know why the directors tried to give themselves heaps of options - they obviously wanted to get in at ground level. Lucky this got howled down by shareholders and they withdrew the resolutions. I won't begrudge them oppies when the shares are at 30-40 cents, but lets make sure the existing shareholders are fairly treated first.
Any other thoughts?
Add to My Watchlist
What is My Watchlist?