So they were hoping to raise $5mil and only got $2mil......
So doing some quick calcs, imo that appears to be a rather disappointing response from current holders.
For the record, i did not participate in this SPP. This was a first for me. I purchased my first shares in BLG in 2007 and have built up a significant holding (i'm not in the top 20....) since then and am generally a loyal, strong and supportive holder of BLG.
Clearly, there are a few messages to the board here, namely -
1. Don't go back on your words....
and
2. Better explain to holders the reasons why you have gone down the Cap Raise/SPP path, particularly at a time when commercialization deals were anticipated....
I believe a different strategy around this whole exercise would have reaped far greater returns from the SPP, with more positive shareholder engagement.
Anyway, whats done is done. The board have tied themselves to this path so lets now just wait and see how long it takes BLG to get a commercialization deal done. The pressure to perform is now on.
My fear is this next six months or so, in particular, will be a difficult time for the sp, so lets see how it plays out.
Arms are crossed and foot is tapping, guys.........
GLTAH.
BLG Price at posting:
35.0¢ Sentiment: Hold Disclosure: Held
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