Hey mate. Not excited given the bid as I type this is 12c, which is disappointing. There’s very little interest in BCC but I’m sure that will change soon - for better or worse.
Overall the results were a miss for me and weak. Legal fees have been very high. I will reserve judgement depending on how this plays out but high costs like this start to really get painful when the market cap is so low. It’s not so much a big deal when you’re valued at $100m+
I did think we’d know an outcome by now but it doesn’t change the position. The arbitration process will make a call and that will trigger a capital event. If roadpost buys then the share price goes to +30c. If we buy then we’re getting a bigger business that has a high value. What that looks like in detail remains to be seen but I’m still of the view that either way delivers a positive outcome for us.
I will say though that I was originally in the ‘buy Zoleo’ camp but now I would like to see a situation where roadpost buy out our half and shareholders are rewarded with a significant return of capital.
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