Just reflecting on the developements on this stock over the past few months. Whilst the SP has not gone anywhere - but for the daytraders- there has been a lot of progress on the recovery plan and execution front. they have sold several assets at reasonably good prices. We all know the stock is not accurately valued at 10 cents, and that true value is either zero or substantially higher than 10 cents. The indicative bids are in for a variety of different proposals, i.e. offers for individual as well as total assets. Whilst the directors can rely on not disclosing the level of the bids, on the basis they are non binding / incomplete negotiations, I do believe that if the bids indicated that BBP was worthless ( i.e. assets worth less than debts) then the directors probably would have an obligation to make an announcement. i.e the strategic transaction initiative failed to produce a value enhancing transaction and that they will now need to review other options. Thus their silence is promising, and I therefore believe that BBP is worth well north of 10 cents, how much I don't know. I expect that we will hear something from binding bids prior to month's end.
BBP Price at posting:
9.8¢ Sentiment: ST Buy Disclosure: Held
