MIKE, well bnb were having cashflow probs in the past few weeks, hence their announcements re bank payments and possibly defaulting on them.
Now the thumbscrews have been tightened further by the german bank on bnb freezing 100 million in their accounts, hence trading halt.
I am making assumptions that the only way to get cashflow for bnb is to sell shares they hold being shares in their satellites. BBW have put announcement out this morning vaguely divorcing themselves from bnb.
If bnb goes to administration then assets including shares in satellites fall under control of administrator. It may be the last leg kick before expiry.
BBI Price at posting:
2.6¢ Sentiment: Buy Disclosure: Held
