change of poster's interest notice, page-5

I used to hold BSL, was fortunate enough to have made a fair bit of cash out of the last SPP and have traded it in between since. Fortunately sold out around $1.50 so before the last bit of panic we have seen.

My reasons for selling were that I see very little change in their (obvious) failing business model, if you don't provide the shareholders with an incentive to hold, then I won't bother. And lately the issue with providing bonuses to their management when they are clearly not doing their job properly kind of smacks of arrogance. They are sacking people and cutting back everywhere, but fail to see their own mismanagement - this company no longer has my respect at all.

So either way, if they refuse to change their business model, why should I provide them my money to support their broken ideas? Even OneSteel which was once a smaller competitor is doing better, they had a thriving business that was the largest steel maker in Australia and with government incentives and backing, yet still managed to turn it into a disaster. And now they want to pay themselves bonuses. I understand the high Aussie dollar hurt them a lot and with cheaper imports hurting them too, why did they not take action sooner? Why did it take them so long to do something?

Anyone who can provide a positive for holding this company, please feel free to post it. To let the business go from $12.00 all time high share price down to what, 75 cents now, something is clearly wrong here! Obviously the previous three SPP didn't work, nothing the company has done for the past few years has worked - then why hold it?

It may come back a bit from here, but I think it will take a long time to see anything above $2.00 again. Good luck to anyone holding, my recommendation is be prepared to hold for a long time.