Yes, Absa done for 7 days for the political forum. Nothing to do with his BSM posts.
Absa is not far off with his BSM summary.
It is the lenders and bond holders that will take over now. Figures of 11% p.a. on the bonds and the convertible notes coming into play at around the current money will rip the value out of BSM and transfer it to these Johhny Come lately's.
Clearly, these "lenders" are quite happy to lend the money. They don't fear default.
Just like your personal credit card where you miss a payment or two and your interest rate goes up 5 points. BSM missed a payment and the "breached covenant" has landed them in a world of hurt.
When it opens it will trade down.
mike talks about restoring shareholder value. That aint going to happen tomorrow. There will be another 50% ripped out of shareholder value when this re-opens.
is the current management ok?, page-21
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