I'm not sure what changes we will see on substantial holders....

I'm not sure what changes we will see on substantial holders. Not a lot of insto money here yet (still a fraction on the small side for most funds).

Roger Montgomery has liked BGL for a while (from when I asked him about it a little while ago at a seminar) - although he was looking for confirmation of growth at the time.

The comment about integration is almost definitely right, given the comments made in recent announcements. That being the case, then the financial reports will not reflect the underlying earnings of the business. There may also be some costs associated with reducing costs. Therefore EPS will not reflect real earnings, and PE will probably look high with historical reporting. I agree that we could see some sell down on announcement.

It will be interesting to see if there is market guidance given this year.

I think there is definitely some accumulation happening. On Friday on the close BGL was sold down. We were up 3-3.5c for pretty much the entire day, but closed even at 63.5c. Most of today's was at 66-66.5c, but on the close a small trade closed it at 65.5c. Volumes over the last 2 sessions have been pretty strong, so let's see how the week plays out.

Cheers
Marv

DISC: I hold plenty of BGL.