Ann: Application filed to expand freezing order against Bayan, page-4

Bayan generates excellent earnings in the current coal market and in the foreseeable future conditions could improve. By the integration of the adjacent KRL assets they are in a position to realize proper synergies and improve their margins even further. A rising coal price may demands for a revaluation of those assets in the not to distant future. Obviously the time as come to swallow the Roo right now. Unfortunately White got Bayan by the balls with the freeze oder - even more with an extended freeze order. IMO it is unlikely that Bayan surrenders in Singapore but they could try to replace the frozen shares with a cash component before tumbling into tranche 3 of the legal battle.