loki01, very much appreciate the reply and all good about the...

loki01, very much appreciate the reply and all good about the true state of play. It is what it is.
I can only imagine the new management are torn between wanting to get on with things (i.e... U/G, Duck etc), but are clearly constrained by their lack of cash to do so.

The 6m unsecured loan, from memory has not been drawn? So perhaps this may still be available, although with it due June 2016, it would seem a bit of a waste to do so.

The new guys are proven, so I assume quite well known within the markets, I also assume they are quite careful and hence, a small injection of cash might been seen as a necessity? (but easily achievable due to their contacts).

Lastly, I mentioned this a while ago, but without reading every single post, BDRs 2 year contract with its employees rang out in Nov 2015 and by now would have been renegotiated. Which for me explains why BDR management have yet to release their 2016 production and cost guidance (as per the Dec quarterly).

I think many are reading the recent presentation and quite rightly, seeing 'Strengthen balance sheet', for what it is, a potential capital raising. Perhaps another reason why management are being quite creative with the stripping costs, to make BDR look all the weaker and more justifiably in need of a small capital raising. I am in no way saying its their fault BDR is in the situation its in because of them, but... they do have to deal with the past poor leadership decisions, or lack of.

With all the positive views on BDR from what I think are very well reasoned posters, my pessimism for BDR was changing towards optimism, but alas I think I am back where I started.

I do think BDR are on the right track, but, for now, the debts are simply chewing up all the cashflow.