BJ has been saying for the last three months that the results for the next 6 months are below average as they are dredging lower quality tailings.
This has not been hidden, it is just that noone has been listening.
Everyone thought that MacBank waived the share issue requirement because of above average performance for the quarter but this was never hinted at.
I will reiterate, I believe it is because there is a new lender in the wings and the loan is going to be refinanced very very soon and that is why MacBank waived the share issue.
Ann: Revised Forecasts - Investor Presentation, page-5
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