rang the company, page-7

Nick's indecision when explaining the transaction in this week's BRR was not dissimilar to his mid-sentence stutter when talking about the JORC a few weeks ago. Remember he said words like, 'hope', 'should get', and 'close to'?

Also remember that BMG always had two years to settle the transaction because that was tied in with the initial JV deal. It also entailed that CAP had to define 1Bt of iron
within two years, and they have succeeded in doing so.

I never gave these 'two year' things a second look because I know that both companies are trying to fast-track Hawsons. Just as CAP got the 1Bt out over a year before the deadline, BMG will finalise the transaction in March next year. Simple as that. BMG have no reason to delay the transaction, and cash should not be an issue because they will be needing much larger amounts in the next 2-3 years to fund the capex.

Without wanting to sound harsh, you're either in, or you're out. If you want to be a shareholder in a speculative company you have to accept that not everything is set in stone. As good as CAP is as a company, it still has some things up in the air that will be settled in due course. The $25M transaction is one of them.