punters,an email a broker friend of mine sent to BLY a week...

punters,

an email a broker friend of mine sent to BLY a week ago...as you can imagine, no reply was given...

Mr Heskett,

I have been following BLY listed on the Australian Stock Exchange for some time now and began buying stock for my clients into the new year. After an initial rally back above 30c, we have seen a dramatic deterioration in the share price, currently hovering just above AU7c. Since reporting the FY08 results, the share price had a brief rally to 16c, only to fall over 50% from that level over a period of a week. in the meantime neither BLY or the ASX queried the share price action, given the huge move lower and the record volumes traded during this period. It seems as though you just sat there and watched the fortunes of the company, together with those of your investors, just vanish.

So, in a nutshell, what is going on? Can you please explain why such a savaging to the share price? Has information been omitted in the FY08 results? Why has BLY not made any further announcements to further inform the market or at least appease the selling pressure. Do you think that a 50% fall in a week, not to mention a 97% fall in less than a year, truly resembles the share price performance of a company leader in its industry?

I am truly dismayed at your inaction in looking out for your shareholders and trying to salvage your credibility especially now where investors confidence is at its lowest.

I look forward to your response or at least some form of market announcement. I look even more forward to a strong recovery in the share price, although my optimism has turned to cynicism.