if there was a rabbit i'm sure he would have popped his head out by now.
shorters are getting themselves into a big hole imo.
the executives don't have margin loans over their shares so they can't trigger an eddy groves style collapse in the share price. bnb has already fully refinaced its debt and it clearly has the full support of the banks. there are no debt covenants linked to share price.
at the same time babcock is performing extremely well and is on track for 15% profit growth this year, it doesn't need to raise equity at heavily discounted prices, and it's trading on a ridiculously low multiple of 5x FY08 earnings.
so if i was shorting bnb i'd be feeling pretty nervous right about now. they can get kohler to keep throwing bricks at the company, but even the negative spin is starting to look pretty week. if the DOW keeps falling yes she'll fall further. but what if the DOW stabilises? what if macquarie launches a takeover? what if we wake up one morning and BBP has refinanced without needing a loan from BNB?
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