give us the results darryl, page-15

WG
Rather than the next ann depending on what there is to announce, I think it is rather about keeping BCNOA holders ouot of the RI as much as possible (until COB tonight). As I posted last weekend, when the RI was announced, BCN stated that the issue assumed no options on issue would be exercised before the record date. The aim was to issue only 357m new shares through this RI, not 664m which would be the case if all the options (307,265,616) were exercised. An announcement of very good drilling results would have encouraged BCNOA holders like myself to exercise them and buy in on the rights at 2.2c. Without an announcement the price has dropped to the issue buy-in price, making it not worthwhile for BCNOA holders to pay the double whammy (1c + 2.2c). I believe this has been strategically designed by BCN to ensure that very few options are in fact exercised before 30 Oct, the day after which options must be exercised to access the RI. I therefore predicted last week that if this assessment were correct, you would find that there would be no announcement until 1 October (tomorrow). Consequently, I expect the ann to be very positive to ensure that the SP goes north from tomorrow so that as many full share holders as possible take up their rights at 2.2c. If that's the case we will all be laughing. And I don't anticipate a further fall in SP below 2.2 as the dilution of the share is already priced into the current SP.