RWD 10yr Festive Season Performance, page-22

‘New management’? Didn’t you have new management for around 6 months prior to the new ‘new management’? The biggest issue is still there. While MR owns 20%, he will make the calls. How long will the new MD last?

It’s more than new management otherwise the ‘best’ SOP project in the country would be worth more than $30m. MR should sell to AMN for stock (provided there aren’t a few surprises hidden away). Put LD in the hands of a capable operator. He’ll then own approx 5% of AMN and be no more than an investor which is really all he should be.

Yes the environmental impact is another risk and nothing out of the ordinary. But the market is confident that AMN is systematic in its approach and are likely to deal with it just as they did with native agreements. It just further de-risks the project and increases the value.

If you are simply banking on RWD grades for being the superior project, you are naive. To save you from another long post, i’ll remind you to take a look at a company named Fortescue.