TER to hit 20c this week, page-56

Looking for divestment across a lot of their portfolio without any real reason. They also left RES high and dry placing their own 140MM investment in doubt-it was an irrational exit that no one could understand. Further they also sold down their ARU portfolio to zero after a year only…. so it is not an ESG/coal thing as some suspected.

As per above, I think we will see more to this Noble play, as they did have a strong cash balance sheet. We may find their financial backers have other thoughts?

That all being said, I bet a couple of these petrified executives are feeling pretty stupid at their Friday afternoon long lunches now.

This is turning out to be nothing more than another coal/resource cycle. You would have thought they were experienced enough to have been through 3-4 of these cycles…