Ann: Takeovers Panel declares Unacceptable Circum, page-10

re: Ann: Takeovers Panel declares Unacceptabl... I've been trying to make sense out of the BCI price movement.

18/1 Prior to Regent's offer the closing price was $3.17.

18/1 to 15/3 The closing price rose to $3.28 then slowly slid to $$2.82.

15/3 Regent pulls its bid. The intra-day price drops to a low of $2.09 before closing at $2.40.

15/3 to 6/4 The closing price hovers between $2.40 and $2.45.


When the $3.17 offer was made, we all said it was too low-that it should have been at least $4.00

Why then didn't the price rise when Regent pulled its bid?
I would have expected the price to rise as the market would have been happy to see off an unwelcome and inadequate bid.

But no, the price dropped like a stone. Down as low as $2.09.

Why?

The operations of BCI have not been adversely affected, in fact the opposite has happened-BCI has started shipping ore and earning money.


So, Bernard99, I'm beginning to think like you.

Force the price down to a level that now makes the $3.30 offer look attractive.



Just a final note-If this fiasco had not happened I believe that BCI would today be selling for at least $3.40.