It was good to see directors buying recently around these...

It was good to see directors buying recently around these levels.

The signal I took from it is that they are not planning a rights issue any time soon at or below these levels.

Things can change, of course, but I think BLY has enough going for it in terms of asset base and underlying cash flow to be able to ride out the storm.

I also think it is more likely that they would sell their Products division or be on the receiving end of a whole of company private equity bid than do a massive equity issue to Australian instos who are trying to "game" them.