I was in a very similar boat, at near 20c and with confidence behind them was the time to raise money to clear debt.
I thought this could happen and would have participated because we would have been getting the money going towards interest rates being paid out in dividends, the rate of interest on finance and debt would be pretty damn high so an 8% fully franked dividend would not have been unrealistic.
Now watch as they turn around and try a raising LOL, no one will lend them money after yesterdays announcement.
Afraid it's curtains now, I certainly would not participate in a raising now
Ps: sentiment is still on hold because there isn't really an option, probably wont trade again.
BYL Price at posting:
9.7¢ Sentiment: Hold Disclosure: Held
