hi everyone hope no one takes exception to BRL thread being raised on NZX thread, whilst it is now soley listed on the ASX it operations are 100% in NZ.
Anyone following the story, company due, to it's joint venture with Talleys, BT mining, making a ton of money due to export coking coal prices.
However despite BRL being majority shers in BT mining, Talleys wont allow access to the pile of after tax millions in BT mining accounts.
I think BRL's share of withheld profits, approx $150m, are now almost greater than the capital value of BRL as a company.
Talleys depite being minority Shers were smart and insisted on equal voting rights when BT mining company was formed to buy solid energy.
I'm a stalemate holder in this value trap Snaps.Its hard to work out what Talley's strategy is being the spoilers theyare??
Some (old) chatter about BRL on HC - which you may have already seen. Gives an interesting persepctive:
https://hotcopper.com.au/threads/ann-annual-report-to-shareholders.7665934/
Quote from: Rees Dart on Mar 05, 2024, 06:52 PMI'm a stalemate holder in this value trap Snaps.Its hard to work out what Talley's strategy is being the spoilers theyare??
that is a great way of putting it, I suspect Talleys end game is to have BRL sell some of their 100% owned export coal mining rights to BT mining (for a great price of course) as the Stockton available reserves are gone in 2026-2027, with no export coal reserves attached to BT mining it makes the company nearly worthless as they make very little from local trade coal.