Ann: Share Purchase Plan 2009 , page-18

It is hard to believe that BCD management could be so far out of touch with shareholders' thinking. One would have thought that the last few capital raisings with the subsequent share price collapse and stagnation should have been a learning experience. However, blind management barges on regardless. If they have brain haemorrhages on this issue one might wonder what competence they have on other matters.

If the MSC underwriting scenario is the appropriate one, it is reasonable to suppose further that, after the natural price drift to the SPP issue price (15c), MSC could arrange a bit of share dumping to reduce the price below 15c so that all shareholders will refuse to buy and MSC gets to pick up the sum total of the SPP. It would be best for them to do this two weeks before the closing date. Could today's late effort to 14.5c be a bit of a try out for them?

I did have hopes after many years that BCD might at last be coming out if the woods.

Juke