Interesting that only 38% of the shares available under this...

Interesting that only 38% of the shares available under this Entitlement Offer were taken up. Understandable, perhaps, given BCB’s poor record until recently, but there’ll be a few shareholders regretting the decision not to exchange 9c for 13c (at yesterday’s closing price).

interesting too that, under the terms of the underwriting agreement, the 112 million shares not taken up under the retail entitlement offer will be allocated instead (at 9c) to those institutional investors who had sub-underwritten the retail offer. These include the group of ‘Committed Shareholders’ — namely, the Crocodile Capital 1 Global Focus Fund, the Crocodile Capital Offshore Fund, and a fund associated with the new shareholder (and long-standing coal investor) Hans Mende. They’ll be happy, of course, if the share price holds or rises further, but more seriously, these appear to be serious investors in the company who have genuine confidence in its future prospects.