It makes perfect sense that there would be structural change in the Nullagine JV in order to contribute to FMG getting its own balance sheet in order.
A scrip takeover of BCI by FMG would have been one possibility.
Instead we have the deal announced today.
The key question unanswered by the release is how much of the $190 million consideration related to the 3.5mt prepayment for rail haulage and port services?? If you have an answer to that question, it's much easier to address the question of whether the purchase of a 25% interest in the JV is ostensibly a good deal.
quick take on the deal
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