Ann: Chairmans Letter/Notice of Annual General Meeting/Proxy Form, page-16

I don't care much about the issue of rights, I focus my attention on the outcome for BUL (positive or negative) and in any event if the company is not successful what are these rights worth. If successful everyone makes $. SH have clearly taken their position on the company's prospects and those with a negative view should consider exiting the stock. Like everyone else I do not and cannot know how it's going to turn out but can only weigh up the evidence before us. Regarding points made in JEF letter about a GSA I make the following comments.
Point 1. Fact
Point 2. Fact
Point 3. Fact
Point 4. Fact
Point 5. Fact
Point 6. Fact

Progress on Gas sales Agreement The Board is acutely aware of the need to monetise the Company’s gas reserves and resources and indeed fulfil the commitment made to shareholders in this regard. The company continues to be confident of completing a gas sale agreement for the gas reserves and resources in the Company’s Bowen Basin permits (ATP814 and ATP 854). It is a frustratingly slow process, which has been exacerbated on the gas buyers’ side by uncertainty created in the supply-side for the East Coast Gas market, due to;
1 the clear medium (and longer) term shortage of gas supply that is developing,
2 confusing and erratic supply forecasts by regulators x LNG feed gas supply shortage for Gladstone;
3 Growing global LNG demand – affecting LNG pricing – affecting LNG netback pricing and domestic gas price
4 Threats of Government intervention through LNG export restrictions;
5 gas user price sensitivity (i.e. legacy expectations of low gas price);
6 Potential domestic gas supply from LNG import terminals in eastern Australia
The big players holding this stock appear to staying the distance with very low volumes traded-the weak are exiting.
Either you believe what JEF is telling us or you don't. There is no one more incentivised than JEF for BUL to be successful (111m shares) so don't tell me he is not doing his best. I did like his intro "fellow shareholders"
I understand how some feel about the SP but, as in any stock, if you believe, be prepared for bumps in the road.