a major shareholder selling is not the reason to be looking for to explain the SP drop.
WHY the major shareholder is selling should be most concerning.
It would be easy to think BUL has reached the bottom.
But keep in mind a couple of things:
1. It is not yet at cash backing (12m cash vs 33m market cap)
2. NSE with a major JV in ConocoP and PetroChina in the Goldwyer has 50m in cash and its market cap is just on 50m.
Why should BUL have a market cap 3 times its cash backing compared to NSE?
They are both in the unconventional space.
how low can this go?, page-11
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