We sold most of the BBP holding at a loss a while back. We bought a small amount at 1.40 and continued doing so right the way down to the ~60s mark. I'm not sure of the average cost, but it was a loss making venture for sure. Nothing huge though, as we never had too much at stake.
The issue for us at the time was not BBP, it was BNB unfortunately. When it was obvious that BNB was in trouble, it was only a matter of time before BBP headed south at a rapid rate too.
In the last couple of weeks we have been very slowly and very cautiously buying when the opportunity has presented itself and our holding (on a number of shares basis) is slightly higher than previously, although as you will appreciate the average cost is way lower and probably not far off the current SP.
I have not enjoyed this process at all and it does not fit with our investment style BUT when you see the writing on the wall, it's time to act decisively. I continue to like the industry, the assets and the potential for the future. The management is a disgrace but in time this will change. If you have no emotional attachment to the company then even a previous loss should not prevent a re-entry if you feel the long-term fundamentals are sound.
As to whether the SP has hit the bottom is anyones guess but again, our exposure is such that a complete wipeout (which is highly unlikley) would not be the end of the world. The announcement from the Norwegians is a small positive for the company - sometimes investing can be in part about the company your company keeps.
I genuinely wish everyone luck in this stock. It's still a high risk venture but probably less so now than it was a few months back.
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