boart (borat) in the australian

http://www.theaustralian.news.com.au/story/0,24897,25916625-7582,00.html

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Boart finds fans

ANYONE who wants a bit of stock in the looming Boart Longyear raising had better stop calling it Borat, we hear. Boart's shares moved up 2.5c yesterday to a new post-crisis high of 39.5c as institutions loaded up to make sure they get a decent slice of the action when the issue finally arrives. The cynics say it shouldn't be hard to get stock given that it's probably going to be a one for one, to rebuild the mining equipment manufacturer's battered balance sheet. If you're a long-term holder you might not want to read this sentence, but the stock did hit a high of $2.71 back in the salad days of November 2007 when the outlook for miners was sunshine from dawn to dusk. Macquarie and RBS have the mandate for the raising and it's still not clear how the debt/equity split will go -- that's how investment bankers make their money -- but it's happening. "It's pregnant -- put it that way," said a voice close to the action. "We're just not sure when it's going to calve." Whatever happens, the investment bankers have got a lot more room to move in terms of a discount at just under 40c than they did when the stock spent most of July hunting around 25c.
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