Why do management think inorganic growth is worth pursuing? Are...

Why do management think inorganic growth is worth pursuing? Are they bored? Talking up M&A up and holding back dividends is an act of self-harm. Ten percent plunges for the last to disappointing dividend announcements. Such volatility is evidence of poor decisions and / or poor messaging. Holding back dividends is fine if you have fantastic internal growth opportunities or you are managing liquidity risks. If so, say so. Don't spook investors with talk about M&A. This is elementary. Come up with a sound strategy and communicate well. M&A is not a sound strategy.

I don't know why any shareholder would want CRN to buy more mines. This opinion seems consistent across different listed vehicles including noted in recent market research by institutional Whitehaven shareholders. This is also consistent with the rally since the newspaper article on Wednesday night. If this is the case, why woiuld management (apparently) hold a different view? If shareholders are wrong on this, then show us why. If shareholders are not wrong, then who is management working for?

If you are a commodity producer and it is not clear your commodity prices are at a bottom then unless you can buy something for a knock down bargain (say the equivalent of 1 x EDITDA) then move on and focus on optimising what you already manage on our behalf. If the assets are selling at material premium to CRN's market multiple, then consider selling our mines to add value to your shareholders.

The cheapest growth and lowest risk must be expanding / improving output from existing mines. To the company's credit, there is enough accretive organic opportunity and Buchanan and Curragh to improve efficiency and earnings per share. Management and directors should focus on optimising current operations rather than buying new mines.

Are you listening CRN?