I understand times like this test the resolve of each of us. I simply do not believe that the cash position is that critical to warrant a 3c price. I acknowledge that things are tight, but things are tight with a lot of companies at the moment. This stock is being treated like a speccy gold explorer and I am of the opinion that BBI's assets are worth far more than that. The company has proved it can sell at above book value so I can only go and what they got for Powerco and what is being touted for Dalrymple Bay. Add up all the assets in the October Investor Pack and take away total debt and you come up with a figure above $1.
Does the financial turmoil globally and all the uncertainty warrant a 97% discount to book value? The market believes it does. I am of the opposing view. Someone will be right and someone will be wrong. There is no middle ground here. In 12 months, the BBI price is either 0c or 20c+. If you believe BBI will survive, then the bottom must be close.
BBI Price at posting:
3.3¢ Sentiment: LT Buy Disclosure: Held
