Ann: Change of Director's Interest Notice - Richard Wallman, page-18

Sorry to hear. I guess your waiting on a full business recovery as the only possible good outcome.

I don't rate BLY as a good company at all. ​

A trade entry now is valid for short term strategies, but that is independent of the business quality of BLY. Bad companies just stand out after a while. BLY is the Sundance energy of the oilers, the Beadell resources of the goldies. Forever floundering with nothing but passive or incompetent management to blame.

- Seems like BLY has never been managed well since it was floated. Many management changes.
- BHP has a rolling ten year plan and no doubt includes plans for downturns. Given that drillers are subject to the same cycles, BLY has clearly not had any decent vision or contingency plans in place. In the boom times they should have diversified and thought about extra revenue streams for when drilling dried up.
- On the plus side they are diversifying now through product development. Good, but hopefully not too late.

Back to the current situation, a lack of company updates is not helping. Next report could be significantly better than the prior but no updates means no buying until report release. BLY's reporting is lacklustre but they probably don't care because small holders are too insignificant now so the absolute minimum regulatory reporting is all they'll do.

Having said all this, it is still worth a small punt short term. My only mistake is having a position bigger than I would like on this dog.