Ann: Capital Raising Announcement , page-6

Don't four facts make BKN bulls nervous:
1. The managers decided that raising equity was better than raising debt - so suggests either the SP might be overvalued, or co near max gearing.
2. This stock is an 8 bagger since Mar 09.
3. Materials are looking toppy, as is the AUD.
4. When this one goes down - it goes down fast - see Dec 07, Aug 08.

It is a good business - but I think it looks top of cycle to me and probably peaked in Jan.

If you have profits and are holding - what are you thinking? (Even worse if you don't have profits!)

It looks like it will soon push down through the mid 780s.

MM