down 60% from ipo , page-18

They have enough cash to carry out their 2 year program.
There is no indication they need to have a CR in several months.
The directors are the real deal. They have done it before with Arrow and the CEO has a great CV.
Juniors are being abandoned by margined investors. I dont believe there has been much Institutional buying of Juniors over the past year. Day trading has become too hazardous. Many small investors are on the sidelines.

So this is a period of unprecedented opportunity. The world is not going to end. The Europeans are scaring the hell out of everyone but in the end theyll solve their problems.

I recall one of my favourite stocks GIR dropping well below its cash value at the nadir of the GFC. From there it went up 20 fold by the time it was taken over.

I pedict we will enter a period of unprecedented takeovers and partial takeovers of juniors. A company like BPT with a massive cash balance could make more money taking out AJQ and several other junior Gas explorers than going to greenfields exploration.

It is always darkest before the dawn.

Waiken