I find it interesting that so many posters gloss over what the company's actual assets and prospects are.
I think its fairly clear the larger shareholders have made it clear (Speculation on my part), that management have done enough damage, they want to see a change of control to a proven producer, which would enable multiple benefits (for them in particular), greater liquidity, as in, a deal is likely to be centered on a script offer, the benefits of potentially being acquired by, perhaps RRL, which interestingly, has a market cap around $3.2b, which... if combined with BGL script at a value of $1.6b, might see a combined entity have enough clout to enter the ASX100. Which would likely in tern see a further strengthening of the share price. The likes of RRL would then have a production profile nudging 500k p.a. which would push it into 3rd spot in terms of production on the ASX.
The company has not drilled for the past 2 years... other than infill.... The MRE has been stagnant, yet the exploration target of 1.5-2.5m ounces, IMHO is a very realistic target, that won't take more than 18 months to achieve, partly because, BGL already know there are strong extensions around the current MRE.
Everyone is so negative about the hedge, which is fair, but... it can, be closed out, just like CMM did yesterday (a masterful move it would seen, but they have been doing it progressively over the past 2 years). Compared to it's peers (who... have in most cases done a better job of managing expectations of the market), BGL is cheap... even if it only can produce at 150k p.a (I think it will be higher than that, because... the reserves do actually match and continue to do so).
Will be very interesting to see what comes of any potential deal, as I have been buying BGL shares because I like the assets (not so much the MD), any corporate activity is a bonus.
Good luck to all holders.
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