Total cost of take over - Investing in the futureWNI itself has...

Total cost of take over - Investing in the future

WNI itself has bought 23,302,347 SH @ average 2.327 AUD , total 54,219,646 AUD.
They took over 47,766,028 SH of the HK & SGD entities them having payed av. $5,59 per SH. (calculated at the day of formal notices).
In total some 267mill. AUD.

The cost of 71,068,375 SH representing 55,33% of equity sum up to 321mill. AUD.

ATM WNI has a lost of 15mill. AUD (-28%) in its book, the new share owners of WNI have a lost of 152mill. AUD (-57%) in their books. (No recommendation for future skript bids!)

It seems that WNI has no real pressure to themselves in relation to their costs, the new SH of WNI suffer substantially more. I have no idea how long they are willing to suffer and if they are able to reveal some pressure to WNI.

Mr.Luk has accumulated a lot of WNI SH recently, clearly a sign of his valuation of the main asset BRM.

BRM ‘s assets are some 1.05 billion t @ 60% Fe ore reserve (av. final product after benefication) and the 15mta port allocations, but no rail.

Pilbara junior’s story is bringing ore to market – rail and harbour does matter.

If WNI does not have any clue how to maximise their profit via mining, at least the option to fix rail and harbour is known to them. As the strategy to consolidate Pilbara juniors in WNI’s hands is not working (besides Mr. Luk has some real tricky ideas) this option has a calculable future.

A combination of rail agreement and a JV-partner would be a serios outcome – if one thinks about it.