Lispingduck, "09" is totally different to "14"!!! Its all about...

Lispingduck, "09" is totally different to "14"!!! Its all about industry investment, to which currently there is none. There has been a long list of posters that subscribed to that idea since late 2012 and have done not so well from it.

When IMD comes out and states "The first half of the 2014 financial year (1H14) was challenging. Market conditions within the minerals industry remained subdued due to the cyclical downturn and were exacerbated by an early seasonal shutdown. Such conditions are never pleasing, yet they were not unexpected. In preparation for these conditions, we consolidated efficiency and productivity measures, and continued to focus on enhancing our working capital management, reducing debt, and minimising the cost structure within our Minerals Division."

And that "Reflecting the challenging market conditions, revenue from Imdex’s Minerals Division was down 38%..." It's not rocket science to where BLY SP would go.

As a perfectly placed market indicator, follow IMD to see signs of an industry wide recovery. Their products are sold to a significant majority of drilling contractors in Australia, Asia and Africa. When you see industry essential drilling consumables sold increase, you know that rig utilisation levels are improving and that finally rigs are turning pipe.

Currently at sub ~30% levels of utilisation, BLY are not profitable, and solely rely on their lenders. All the cards are being held by someone else for their own benefit. As with many companies before them, a Vulture fund may save BLY, but I doubt it'll be to the benefit of many holders.