lower share price?, page-5

Ha ha.

I'm 99% sure I've worked out the last 4 months. I wrote my longest post ever to explain how I came to that opinion. I wrote it as an email and emailed it back to myself. I had someone read it because I was worried it might say way too much. The other person agreed with me saying you can't post this. We discussed how I could say it in a way that maybe suitable. But we agreed using the word alleged thirty times wouldn't stop me being sued. So I can't post it.

But I can say a few things that could help ... maybe.

On the IPO. Consolidated Iron (subsidary to Consolidated Minerls)received 15M shares for Nullagine River and Shaw River. ALK received 9M shares for Bonnie Creek. Has anyone ever wondered why Consolidated Iron received 6M more shares for Shaw River and Nullagine River? Especially considering that Nullagine River is a very small CID.

During the beginning of 2009 BCI was cashed up with a sucessful CR at $1.50. The number of shares on issue were around 50M. This coincided with the hostile takeover of Consolidated Minerals by Palmary. The long serving CEO of ConsMin. Rod Baxter resigned along with most of the remaining board. The chief of ConsMin became Glenn Baldwin. So one of the original partners of BCI had changed hands.

In June of 2009 BCI turned a MoU with FMG into a agreement for rail and port. BCI had decided to do another CR because the cash balance was $3.8M in June 2009. BCI decided to ask for $22M - 20M shares @ $1.10. There was one problem however. ALK had money problems. ALK was trying to get there Tomingley Gold project and their rare earths projects off the ground. Back then ALK was trading at $0.30. They didn't want to CR themselves and over dilute their share number when they could sellout some of their BCI shares which had gone from $0.25 to over $1. ALK had decided that they wanted to sell 4M of their 9M shares leaving them 5M shares. The only problem was that if ALK soldout 4M shares to someone who wasn't into BCI for the long haul. It could have left BCI vunerable to a takeover. Considering that ALK would've only had 5M shares of around 74M - post June 2009 CR. At the end of June 2009, BCI announced that Regent Pacific would be a new cornerstone investor. Regent picked up around 12M shares through the CR. ConsMin also increased their holding to around 24% of BCI by taking their 1/6 SPP.

The new shares from the CR came online on 27/07/2009. Regent Pacific, who were here for the long haul, had the vetoing vote needed for any takeover attempt. Provided that ALK could holdout selling any BCI shares until 27/07/2009. Have a guess when ALK sold 4M shares? They sold on 27/07/2009. If ALK had sold on the 26/07/2009. BCI didn't have a big enough holder to block a takeover attempt. So the blocking vote went from ALK to Regent Pacific on the 27/07/2009. That's about all I can say.

Also, Mike's in this for the long haul. He may appear else where as a NED, but his one and only true love is BC Iron. Mike's not going anywhere. And Andrew Forrest won't let Mike or Tony for that matter to go anywhere either. In a nutshell, the last 4 months was about the long term survival of BCI in my opinion. BCI would've continued as Regent Pacific.

This has all been speculation on my behalf.

DYOR.