not happy,1 for 2 equals is 1 for 5

8.30 PM Eastern summer time:

I just spoke direct to David Breeze about two of BPHs announcements today.

1/
The indicitive timetable they just released means the shares will be in a trading halt until 21st DEC !!

It will be in a trading halt for almost 3 weeks from the date of the meeting.

Even with the drilling probably not commencing until ~16/17 DEC is a ridiculous period of time to be suspended.

I pointed out this next period is a crucial trading period for shareholders and it is most unsatisfactory to be in a trading halt until after the well is spudded.

His claim is that it is the ASX setting this timetable,and have jerked BPH around.

He also claims BPH is trying to get the ASX to shorten the time so trading can recommence sooner


2/
I also asked him about the option issue as there was some confusion in my mind if it was 1 for 2 or 1 for 5..

The announcement that the options with the new shares is on a 1 for 2 basis is wrong.

He assures me it is 1 for 5 as per the prospectus.

He was not even aware, until I told him, that the notice BPH put out after the meeting.... "Results of meeting" said 1 for 2.

Overall I am not impressed that they appear to be so casual and inaccurate with their releases.