up to 53% now, page-8

"WN are able to retain a solid rump of the BRM board"

That would sound logical Phillip but why bother to takeover the company if you intend to let the existing board run the project? Surely WN aren't clinging to the "we no how to raise capital" statement as their own value add?

WR has proven that he may not be able to get a rail deal, but he certainly knows how to raise capital and the capital raising he did pre-GFC actually saved the company.