"The people who bought at listing @20 cents on the back of the...

"The people who bought at listing @20 cents on the back of the prospectus, which if you read the Chairman's report, was to value add and then farm out Bowen's assets have been duped. No value adding of Coal EPCs was performed for the first 9 months,no drilling, only buying into a new listing of another company , farming into a uranium EPM in WA, a state not yet even approving uranium mining, drilling for uranium in Qld where also the premier had said there will be no mining.Then the pathetic attempt at takeover of RCI ( which was never a chance or never on, where some A$500k was wasted only to get one percent of the vote) was ludicrous.The November 2007 breach the constitution and a 7:1 breach as well and numerous disclosure errors and so consummated a a process, commenced in August 2007 to sell out to Bhushan. without shareholder approval before even before one hole was drilled.
Please read the Put and call option conditions amongst many other which allows Bhushan to virtually pick up from shareholders, should a mine be developed all the future the BWN equity interest in any JV at a price of 5 cents a tonne in the ground for thermal coal and 15 cents a tonne (FIXED) at any time in the future. An Absolute Joke. I speak from knowledge of values as a part owner of a substantial unmined coking coal deposit in the Bowen Basin. This issue of value of the Put and Call option or its conditions did not rate a mention in the IER. Why????
Those shareholders who followed stock to say 55 cents will only see their shares go south because there is no upside. That includes me who has a a lot of shares too.Bowen has significant value even in this market .
The issue I have is
BSL can/will end up with up to 71% of the isues capital, control the board manage the projects and have a put and call option ( which they can manoeuvre through this control to set the option at a ridiculous price).The Put and call exists over 5 of the seven coal asset. If you carefully read the formula to be applied it allows BSL to secure the remaining 10 or 15% of a commissioned mine, against whatever amount of drilling completed before mine commissioning JORC's to an indicated and measured unmined resource still in the ground. The formula being fixed is for ever.Again I repeatit does not have a resemblance of fair value to shareholders and the analysts will see this. I will prove it.

The situation now exists whereby BWN has farmed out in the order of between 85 and 90% equity in all its major coal projects, spends all the money raised proving up these projects and will be 71% owned (fully diluted) by Bhushan if resolutions 6-10 as detailed in the Explanatory Memorandum is approved. Bhushan is placed (following this AGM) to hold 4/7 director positions on the Board.

If we look how BWN now looks to an original shareholder from raising $5M two years ago where the modus operandi was to secure projects, value add and then farm out or sell, we now have:
¡¤ 29% of the company (down from 100%)
¡¤ The company owns 10 to 20% of the major projects (down from 100%)
¡¤ A put and call option that places a ceiling on any future sale value (regardless of market value)
¡¤ No incentive to find or explore new projects (all funds spent on farmed out projects)
¡¤ A Board that is committed to spend Bhushan¡¯s investment in BWN on project Bhushan has farmed into.

The Directors of BWN need to be exposed and held accountable for for the complete sell out of the company¡¯s assets and shareholder base. I was the lone standout director which saw this coming, resigned because I could not get any support and the option shareholders had to bring in a Board with the interest of shareholders protected was negated by a breach of the constitution, pointed out to the board and ignored. I cannot and will not let Corporate breaches pass particulary if the BWN board does not address the issue of disclosure and fair and reasonable benefit to shareholders and assets being handed over "up Front"
I could list a mulitude of breaches but in an effort to move forward I said that if the "put and Call options and the SPC formula was revisited and the terms of the tranche investment improved. The board have been asked by me and other shareholders to revisit the Put and call issues as a compromise, not only did they not but they added further benefits to the deal This is an outrage.
I hope commonsense prevails. This is a lone fight so that in the future , shareholders in Bowen will get a fair and reasonable return.It will be at a considerable cost to em but I owe it to the shreholders, firstly who bailed and those who are still there albeit a few that they will one day get a decent return. You may not remember but some years back Glencor now Xstrata stole MIM and Vince Gauci was a lone board dissenter. Now days we are better protected I hope with a more informed takover panel and better regulatory authorities. I would hope so. Bowen will survive. There are predators out there cashed up who would love to have had the deal BWN board is giving away. What a pity there is so much greed just removal of the put and call which I asked the board to do would have eased the current situation Have a read of the Whitehaven Limited Thermal caol site and the custom Mining sale to MacArthur last year to get some idea of what I mean. You know
coking coal acnnot be stored and the prices will hold, not like thermal even more reason to be hard on Bhushan They are not fools".