I've been following the whole BWN saga with amazement - where were ASIC, ASX and Takeovers Panel throughout 3 years murky dealings by management and major shareholders?
This just in from someone close to it all:
"Well we’re back on track with these pesky Bowen options that looked like sinking out of sight until a white knight began to beat the drum.
"Not only that, but we’ve also got our billion tonnes of coal back and a share price that is going to head north of 30 cents. I had a few doubts when I noted our white knight had used the expert’s blue sky tonnage estimation of 2008, which was done before a substantial drilling program put a dent in it, knocking it back to just an “excellent chance of 200 million tonnes” but personally I have always had suspicions about the drillers interfering with the samples and mucking up the seam correlation and thus stopping the company finding the huge Resource we all know is there.
"But not to worry, as our savior has used a number of valuation methods I remain confident in his prediction, and wasn’t it electrifying to see the result of such a promotional blog.
"Some four million options changed hands and prices quintupled and better, if only briefly. I can’t help wondering though who were the suckers here, the buyers or the seller(s)? I have my suspicions."
Mmmm don't we all have our suspicions!?
BWN Price at posting:
14.0¢ Sentiment: None Disclosure: Held
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