Yes, based on Rivercity performance it's quite possible that two thirds paid shares will still be $0.001 after second instalment and shareholders facing another $1 due at year end. This would be an even greater nightmare that the press don't seem to have flagged. If BCS continues its almost incredible current policy of not attempting revise the discredited PDS and put any floor under the share price, there is going to be chaos when the shares start trading after the next instalment - starting at $1.001 and then plummeting to a possible $0.001 in potentially the quickest wipeout of shareholder value ever seen. Followed no doubt by more threats from Rowe re instalment 3, which won't matter as his retail shareholders will already be wiped out. However if the BCS Trust has to go into the market & buy 138m shares in June (if the price was still $0.001 - you can do the arithmetic for any other figure) for the Directors, that would presumably give an exit to the retail shareholders to sell and the whole thing would collapse in farce with Directors resigning to avoid their salaries/third instalment $ 138m liability etc!
Interesting comment in today's announcement that the Board is working with Goldman Sachs on a way out - it had better be good as there will be even less money for tunnelling after GS fees!
BCS Price at posting:
0.0¢ Sentiment: Sell Disclosure: Not Held
