dls is really getting done-over

this is getting ugly!
BPT is really doing-over DLS, and its tactics will, I think, rape the interests of the smaller s/h of DLS.
Why?
Because DLS needs funds to expand its business.
Expanding its business will benefit all s/h, on the assumption that the drilling campaign has some success. DLS has some valuable and prospective acreage.
We know that, because BPT tried to grab DLS and its assets.

(It's like the big school yard bully eyeing-off the little kid's playlunch!)

In order to raise these funds, the easiest and quickest way is by a SPP ( @ 5c).

At 20 Aug 2009 had 1,744m shares and 5,017 shareholders. BPT held 393m DLS shares being 22.53%. Offer closed 17 Aug 2009.
The Beach offer was a scrip offer which valued each DLS share somewhere around 3.05c each - and fluctuated during the bid.
BPT started bid with 13.2% of DLS.So it pickup about 9.33% under the takeover.

On 14 Sept 2009 announced a Placement of 191m shares and SPP at 5c.
That brought the total number of DLS shares on issue to 1935m.
The SPP is to raise up to $16m max.

If they succeed in raising the max $16m thats 320m new shares issued.
That would bring the total # DLS shares on issue to 2,255m.
If BPT did not sell off it s/h, its interest would have decreased to 17.4% - a big drop!

How can BPT stop the dilution of its holding?
Sit back and watch the SPP fail!
If the SP of DLS drops to, or below, the SPP issue price, how many s/h will take-up the SPP ????
Not many I guess.

Since BPT got hold of its shares, it has been selling down it holding, from 9.5c all the way down to 5.1c.
Which is why BPT today was happy to announce that it had sold another 21m DLS shares at 5.1c.
With 255m DLS shares held by BPT, hanging over the market, it is no wonder that the sp today hit a low of 4.8c and closed at 5.0c.

Which is why DLS extended the closing date of the SPP to 30 October.

DLS must get BPT off its back !!

What I would do is repackage the SPP - and do it at say 3.0c, increase the amount to say $25m, so that thousands of DLS SH takeup the SPP.
(I think DLS could theoretically issue 2,508m new shares under a SPP at 3c (5017 x $15k = $75m @ 3c = 2,508m) shares!)
Of course, not all sh would subscribe
That would really dilute BPT, but also ensure that DLS has plenty of funds to drill its good prospects.