FreightLinks

FreightLinks: Pursuant to announcement on 31 Jan 2011, co has acquired 7.2m convertible pref shares (24.0% stake) in Yongxing Coal for $17.6m. Yongxing has 5 coal mines in operation in Lijiang and 6th to commence operation in 2011 with a supply contract to a state-owned enterprise. The NTA of the stake was approx $7.5m and net profit attributable to the stake was $4.2m for 2009. This represents a diversification from its core biz. Freightlinks trades at 9.2x current P/E vs a hist avg of 11.3x