using the atlas numbers to value brm, page-8

Yep, we're on the way to a $4 cash offer at best. Sadly, I'd take it, because the way it's looking we might be lucky to get $3. WR's sell sell to WNI at $4 is really looking a stroke of genius.

BRM management procrastinating on rail for such a long time has come back to bite us all. Those years lost banging on BHP's door are now something to keep in mind whenever investing in other juniors.