Just my 2c worth - when the CR closes & new stock hits the accounts I suspect there could be a reasonable amount of selling, especially by the underwriter (Pattersons if I recall) depending on how many shares they end up absorbing I.e. any entitlements not taken up go to Pattos.
So if Pattos end up with (say) 20 million BCI shares at 13c - they will likely be looking to sell them fairly promptly and scalp anything they can especially if they can get 1c margin - just multiply 20 million by 1c and you will see what Pattos stand to gain if this happens.
Now... If they manage to sell most of their shares around 14c-15c it's possible they will keep selling even if the price drops to 13c or a little lower, as long as they make profit overall. If this scenario plays out I expect BCI could hit 12c post CR, possibly only briefly but it depends how many buyers are out there willing to soak up more stock.
Having said all this, it's possible Pattos will end up with very little BCI stock from the CR and having them selling at market may not be an issue at all.
BCI Price at posting:
14.5¢ Sentiment: None Disclosure: Not Held
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