Ann: Letter to Shareholders, page-5

Bno's explanation for the low US insto cap raising price with future warrants misses the key point. No matter how stable or valuable the investors, offering them such a low price reflects a lopsided power balance in the transation that ultimately does more damage than the implied benefits. As another poster noted, bno's sp has already tumbled more than the value of this cap raising. Could bno have expected otherise?

If these US instos demanded such a low share price, bno should have walked away. A good negotiator would have sensed the low ball offer and had been prepared with a back-up batna.

Incidentally, I'm a longer term holder (since 2012, ave price around current price) and have growing concerns about bno leadership on the business side. But it's a small holding and has potential aside from the concernd.