Afternoon. The elephant on the room for me at the moment is coal...

Afternoon. The elephant on the room for me at the moment is coal prices and sentiment. During March the CIMB junior coal index fell 19%. Some falls were horrific - Cokatoo by 41.7%, Guildford by 32.6%, Bandanna by 30% and ditto Coalspur. Sentiment amongst brokers for coal is terrible, and investors continue to treat it as very much out of favour. Most of the Surat Basin is on hold with expansion plans in the Bowen drastically scaled back and significant closures in NSW. Long term prices are generally forecast at @$100. It's going to be this way for at least another 12 months so it's going to take some time for the over-supply to subside and prices to recover. In that context I think RES is doing ok given the challenges of finance. As for timeframes, I'm certain that an appropriate change of control transaction (ie one at the company's election rather than an opportunistic low-ball bid) is at least a few years away. I still think it's buy - but my time-frame for cashing out has stretched.