Their board appointments are sound, they're still progressing...

Their board appointments are sound, they're still progressing everything else, albeit double checking a few things. In this respect, it seems that they're just as interested as ourselves to see it move on.

Whether WNI intend to enter into mining or on-sell BRM, they can't afford to delay things because there is no guarantee that strong ore prices are going to remain forever. The Pilbara could become excessively crowded with producers, so it's better for WNI to get BRM to market as early as possible instead of being the one that ends up with nothing, and thus valueless - to all holders.

If WNI are using the current market volatility to increase their holdings, then it's good business sense. If WNI were buying I expect they'd be lodging change of holdings statements, and I doubt that they'll try to pull the associates trick again. Anyway, it will take them a decade at current trading patterns to get anywhere near the 90% they may want.

WNI knew that the scrip offer was never going to get them the 90%, but it was a way of getting control. I'm also pretty sure that they know that a decent cash offer will need to be made to entice at least another 35% of stock to move into their control. They may try to bore holders into selling, but the longer it goes on,the more pressure on their timelines - in effect increasing our bargaining power. Eventually they'll have to come to the party or exit without achieving their ideal outcome.