While I have been extremely frustrated by the lack of updates on farm ins, the BR presentation from the Annual Meeting has provided me with some sense of comfort. There are obviously several ways forward for Mel (Farm in, Capital Raising, Take Over, Debt), the question is how do they fund it to maximise shareholder value. I am not sure the board has the answer to that question yet. Further they have stressed long term shareholder value.
Its also pleasing that they are now talking another option - that is supplying the NSW market. Considering Syd-Moomba is about 1600 km, its not too far to intersect with this pipeline.
So really its anyones guess at the moment what avenue they will take.
the farm-in fallacy, page-5
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