I fully agree, it just doesn't make sense. Based on public...

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kittyboomboom

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28/06/17

06:37

Post #: 25528269
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Originally posted by joewolf ↑

I understand your move - did that on another stock on Monday. What I am interested in is that management have not , my opinion, acted in the broader shareholders interests or am I reading it wrong. I predicted that they needed $10 million cash each year for the next 2 years to settle the machinery and plant leasing - not difficult to do look at cash flow and balance sheet.

At the time I think I recommended that a right issue around 10c when it was trading north of 15c would shore up the company. They did neither and my view ( opinion) is that at that time the Briety's probably didn't want to be diluted and they did not want to pout back some of the money they got earlier via the special dividend. It would have been difficult to persuade other shareholders if the 30% shareholder family did not follow their rights.

However they would have been in a far better position if they had done this and could have had the bank and shareholders all in a better position - my opinion.

Now my big question remains - if you cannot see logic in the behaviour then can you actually invest in this stock. The bank must be pretty certain about outcomes if they are prepared to create a cheaper line of credit ...

It all doesn't make a lot of sense.

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I fully agree, it just doesn't make sense.
Based on public information no bank would have touched it, I would have supported a decent sized raising at almost triple this price and we would be enjoying nice dividends now.
Not my problem now though, not going to buy back into this anytime soon.
Good luck to all who still hold, I've been known to sell at the bottom before

BYL Price at posting: 6.7¢ Sentiment: Hold Disclosure: Held
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