I would hope they accumulated as much as they could on paper, because they inevitably realised that they will be diluted down when capital needs to be raised and or a JV partner needs to be found.
So I don't think we need to show WN the door, but given they have strategically got >50% "legally", it wouldn't hurt them to dilute the register down and in doing so bring in FMG as a JV for rail.
WN will see a huge amount of profit if and when FMG is brought on as a rail partner.
If their average was $4, then they will easily double, if not triple, if not, quadruple their investment.
The best thing WN could do is anything they can in their power to make the FMG rail agreement go through faster - anything short of that and they would be hurting themselves.
BRM Price at posting:
$3.49 Sentiment: None Disclosure: Held
