Not bad stakes their melua...you prob own a lot more than rolfe who is running the show if my memory serves me correct from the last annual report.
Challenges for the company are still immense, not least of all rolling over the 2.7 billion in debt from a variety of banking sources, as well as the bnb loan...this is v challenging due to no investment rating on the company due to icr issues
the company reports an accounting profit of 405-415 million, but underlying earnings are down. i am no corporate banker, but it would appear that the problem is whether the loan synsicate determines the accounting profit or underlying profit is the issue...underlying profit having fallen
BHP organising contracts for SA is a good announcement..i note that the company was keen to advertise BHP's corporate rating when BBP will have no corporate debt rating based on underlying earnings....the irony lol!!!
So where does this leave BBP....they have great assets (one of the reasons i bought them in nov last year), but they may still be bent over by the banks due to a loss of their investment rating...they already pay a lot of interest, and the flinders contracts may save them heaps this year, but will only save 10million per subsequent year
the new stakeholder is a positive, but what do they see that we don't???? earnings....down....cost of debt..higher....only thing is corporate play, because underlying business is not doing well and is on life support, sorry to say
good luck to all holders
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