While Keith does make a compelling valuation argument, and we at Fin-week agree that the coal story has legs in South Africa due to our coalfired electricity plants, we do have a concern around liquidity i n the share. Wescoal had a sizeable chunk of trade go-through on the 12th (2.6m shares) and 13th (423 000 shares) August, but in general trade floats between 20 000 and 50 000 shares per day. Low liquidity means it is off the radar of a number of institutional investors, which you need to ultimately drive the price. We think it is an interesting punt with good underlying fundamentals but we are battling to see where the catalyst for a re-rating will come from. It’s good for a punt, but we would scale back expectations somewhat.