Ann: Trading Halt, page-393

GP

One reason for the share price being low was expectations of a CR. This has now happened (is happening) and the company has been substantially de-risked (at least for the remainder of 2016, and probably to at least July 2017. $50m (minus some fat fees I suppose) goes a long way and if the management do the operational improvements we want to see then shareholders do not have a lot to worry about (other than the potential loss of some upside from the share dilution)- I am now far less worried about BDR not surviving, but I do question the necessity of the CR (and its size) given the hedging option.

loki