next offer, page-3

Close longtrack, but seems like they're too tight to make a proper offer. Using the current guidance pubished this week of approx 90mill, and subtracting the cash balance of 56 million, the offer of $7 is still only a PE of around 6. Still way too low, especially considering coal prices are low and they have capacity to double their output in future.

There are rumours that the Indians are keen to bid, so unfortunately looks like it is actually in play and might get taken out at a higher price.