Taken a back seat of late as I have enjoyed the recent positivity and share price appreciation that has been happening.
My take:
BGS’s register has previously all been retail, and lacking the institutional pull it has demanded over the last year or two….no instos would touch us, and the last time they did with the $3-4m raising, they flipped the stock and moved on….
Its my belief that the instos we have brought on this time, do not have a short term investment horizon… the fact that our book was in excess of over 2x bid over, meant that those that dipped their toe in to get an initial placement, have been encouraged to get their remaining fill on market… evidenced by the surge since the release of the placement… I even was surprised by how strongly we brushed it off, and made a mistake… I have recently made money in KAI, CDT, DEG and QBL, with a net result of increasing my BGS portfolio by 300,000 shares… I was offered shares at 38c as a s708, but couldn’t participate due to all my money in my personal name locked up in this stock… so I thought, ok, if I cant increase my holdings through the placement, il increase it again by trying to sell out at 42-45c on release of the placement news, thinking it would tank a bit, then trade somewhere else, and then buy more BGS which I have been doing….
Well, I failed. I sold 200,000 BGS on the release of the news, to buy back 170,000 BGS yesterday as the stock just keeps going up… so instead of having 2,031,000 now I have 1,999,000, and don’t have any funds available just yet to get that last 1,000 shares to get me to 2,000,000 and its pissing me off! Lesson learned… but the bigger story is the undercurrent of demand happening here… instos will continue to get their fill, and once they do, they will be shouting from the roof tops to their clients etc etc, and will make every attempt to put themselves in the green… the good thing is, our assets are good enough, they wont have to work hard for that I believe…
At first when I found out about the 38c raising, I was a little bit confused and slightly frustrated, but goes to show, JM and the crew are the ones to trust here, JM knows which instos are long and which ones are short and to ignore… a good strategic placement, an amount large enough that we can probably go 3-4 rigs+ and throw so much at this project so that 2019 becomes our first ore…. Management want to fast track this, and they aren’t friggin around… we got new appointments to support this too… the last remaining item I personally want to see progress on, is some commercial arrangement… any forward movement that we can announce to shareholders here would set the stock on fire… and the key word I used before out of all this waffle I have written is ‘trust’….
And in james and the crew, I certainly do…il back them in that they will have something for us around Xmas...
I will be at the AGM tomorrow for those attending… look forward to seeing the new and old …. (not age frank )
A big thanks to the Reverley at Elizabeth Quay for hosting a great lunch with some very very savvy individuals… Malay, Frank, TTU…
Hands down, this is the most excited I have felt about this stock, and the most assured I feel in having it in the right hands…
BGS is screaming cheap….it literally, just, is……
Boy.
BGS Price at posting:
47.5¢ Sentiment: Buy Disclosure: Held
