Why would you pay any attention to broker reports? There is still more fee circus to happen. There is still yet another SPP planned. (See second last paragraph from todays announcement - below). Anything a broker writes on BLY is tempered by a great desire to latch onto some (sub)underwriting fees, which they cannot get if they write "sell the bucker".
Await even more overhang! Good luck to all holders, but my opinion is that BLY will be down another ten percent or so. I've got a buy order at 24 cents - will see if it gets filled. I've also got a microscopic position.
"As announced on 17 August 2009, the Offer also includes an institutional placement
which is conditional on shareholder approval being obtained at an Extraordinary
General Meeting of Shareholders (EGM) to be held on 24 September 2009
(Conditional Placement). If shareholders approve the Conditional Placement, Boart
Longyear intends to offer all eligible shareholders an opportunity to participate in a Share Purchase Plan (SPP). Further details of the SPP will be announced following
the EGM."
broker forecasts, page-14
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