re: Ann: Non-renounceable Entitlements Offer ... The offer...

re: Ann: Non-renounceable Entitlements Offer ... The offer obviously hasn't met the minimum requirement otherwise they'd have closed on time. That said I've been in a few similar situations and they always end up delaying the closing.

I also think that the rights are good value though, given that they're offered to existing holders, 1-2c lower (or 2 options) would have sealed the deal. Think of Rio's deeply discounted offering during the GFC.

The immediate risk is a substantial drop in commodity prices but thinking that through a) the AUD would drop with them and this has a huge cushioning effect b) Bass is not that sensitive to commodity prices and much more sensitive to ore grades anyway.

The longer term risk is a repeat of their abysmal risk management. I don't really know how to handicap that or even if the team understand that's where they went wrong.

A 30c+ stock for 11c (incl of option) is sufficiently compelling that I've taken up my rights and over subscribed by 100%.

I've no idea where it will open or trade in the short term though I'm human so I'd prefer it traded above 20c (or below 7c where I'd probably buy more).