No term sheet is ever binding until it has reached final sign-off when a formal offer is made. Right now there is a beauty parade of funding parties. No-one will be making binding offers yet. There is absolutely no point in just asking for a menu, which is essentially what you are suggesting is going on. It is much more likely that detailed information packages were sent out to serious prospective funding parties by the adviser for evaluation seeking indicative term sheet response from those prospective funding parties. Some will take longer than others to evaluate what was sent to them hence BYE management are still waiting for the responses from slower people. It is clear the announcement they've made is in response to the rampant speculation about their 'failure' to get funding yet and the fact that earlier announcements had pointed to drilling in March. In my opinion your analysis is spurious but consistent with your inevitably negative take on Byron generally. Either way they are in good shape I think.
BYE Price at posting:
15.5¢ Sentiment: Buy Disclosure: Held
