CR comming up., page-58

To BUY the SPP, or not to BUY.

There are four factors that are crystal clear to me (the POG can crazily show volatility, although I see it up who cares because I have no crystal ball). So, hard reality:

1. The geos are top shelf and experienced.
2. Australia is a VERY safe address -- No sovereign risk. WA is always on the podium as one of the BEST mining jurisdiction in the world.
3. The PP and SPP are priced at a 10.7% discount to Wednesday's close at $1.12. I've seen/been savaged by +20% discounts with not even a bone thrown to retail.
4. The insto component, $100M of a total $120M are FULLY UNDERWRITTEN!

Points three and four tell me that BGL has had a thorough going over for the SPP to be underwitten, and offered at a relatively shallow discount.

This is the framwork, forming my Risk/Reward determination I'm using to BUY.

OV