By the way management is talking, they will concentrate their efforts on the so-called "longer-term work through option" and if there is to be a takeover or further sale of assets, it won't happen until the second-half of FY10 (calendar year 2010) if not FY11.
This is not necessarily such a bad thing if BBP is given a reprieve by the banks and if it can achieve an increase in revenue in FY10 and takes such steps as internalising its management and even changing its name until such time as market conditions improve and a more attractive takeover proposition can be made and prove to be more acceptable to all concerned from the BBP side.
As for earlier comments made about takeover offers it appears to be quite clear, if all the reports and speculation are to be believed as accurate, that management will not accept 10c, 20c or 30c or a similar takeover offer and that they would rather risk the existence of the company for something they think is more reflective of the underlying value of the company than selling out at bargain basement prices.
My mind is taken back to Arcapita who apparently made an offer for the company last year and it was dismissed out of hand by management without even referring it to the shareholders. If this really happened I would be fascinated to know how much was offered and why it was rejected given everything that has been happening with this company over the past 12+ months.
Let's hope management's gamble or series of gambles as it were pays off for the sake of all shareholders.
BBP Price at posting:
10.0¢ Sentiment: ST Buy Disclosure: Held
