ann: placement completeq, page-28

If you think the low allowed for CR was .89, but they got 25 mill at 91, it means there are plenty of buyers at 90 and 89, I guess.

Therefore, I will predict the shorter will go away. It would be weird to short into a know bundle of buyers. The book build shows they are there.

And if the shorter was insider based on CR, then their 'cover has now been blown'.

I did tell Paula in an email 'you do know who is buying and selling - who is shorting; you have access to the share register'.

As I said, there has been some silly buggers. But it looks like completely on the back of this info. Because the company does appear very solid (paying back 72 mill of debt over 9 months of operation).

I agree the shorting activing in the next little while, leading up to the quarterly will be interesting. I mean shorting... and 'oops' in the quarterly will be not so good.

This may end up being a company like KCN. The market always swooned heavily the right direction (up or down) for a few days prior to announcements. And KCN is a company that does not care about the retail game. KCN exists for the egos of the board and management - and their pockets. (just my opinion based on a lot of trading with them).

BDR is more simple to me. I bought on fundamentals in the 70s, so it is rare gold mining winner. Even with silly buggers (loose lips sink ships).

I have no proof of nothing illegal... I just connect dots and restate facts. I did make Paula grumpy. When I asked her when BDR became aware that their activities could not be funded by gold sales (as per the ASX response) she sent back a one liner 'BDR can pay its bills'.

Ha ha. Funny, but I have had a few converastions over time with MDs and management of companies (even some really, really, really big ones). And some are very kind and forthcoming with info.

I even know of one company that will need to do a CR in a couple of years. Buried in their reports was a one liner about how they will 'do some development'. So I wrote the MD and said 'should I save $ for CR' and 'why do you not elaborate'. He was very clear: the market does not like publicity about upcoming CRs. Now this guy and company is 100% honest. They stated what they will do. If no one can read and work out, that is their problem. And when I asked for elaboration on the report, company was very clear and helpful.

Heck, many years ago I rang ERA and queried them about their yearly. It looked grimm between the pretty pictures. And the guy was so helpful. He reiterated all the print. At that time I owned heaps of ERA. And after this conversation I sold. The report was honest and clear (about the not so good stuff). And management were honest and clear. They did not hide anything.

I like companies that are very open and honest. Maybe in this world that aint so good. Maybe BDR played their bad hand so close to the chest, that they got a 91 cents CR and not an 80 cent one. Maybe the shorter expected it all to blow up two weeks ago. Maybe the BDR management did a great thing.

I also told Paula 'I bet there is stuff you guys talk about around the water cooler that you cannot say'. I am sure.

I hope they can just go forward now and run a great company. They did have a little egg on the face from this. But maybe it is only a little.