really good news, page-15

There is a long road ahead for BBP.

The announcement was definately good news and provides significant breathing space in which to complete the strategic review and potentially sell further assets.

However, BBP will be off the radar for traditional institutional investors. Those with exposure are likely to hold or sell IMO...too much reputation risk in being a buyer and at some point they will want to put it behind them...sick of explaining their position to clients and their advisers. I also can't see hedge funds being active...not enough value can be traded.

Thus, expect the stock to drift until distribution is restored or when strategic review concludes. Whilst we may see price jumps coinciding with asset sales (unlike today!), I don't expect that they will result in a major re-rating of BBP.

Also, the company still has a long way to go on disclosure...the depth of information was pathetic.

Anyway, just my thoughts, which in this market are likely to change by the end of the week!