Brokers are having a field day with this stock, CR is just a joke and done at the wrong time. Just an excuse for the brokers etc to buy a shit load more without triggering a movement in share price. Story will be told if its heavily oversubscribed or not cause really why would you bother doing the SPP when you can buy at market cheaper?
If I had to have a punt, I dare say we wont hear any news about the drilling until the 21st of November, it's obviously been delayed and they can use the SPP as an excuse....a shit excuse but an excuse...
A oversubscription would indicate bit of a leaky ship (no way known to man the brokers would be participating in this with a shit price and potential shit news) and the big boys accumulating strongly, news of drilling comes out, SP rerates back to 6s. Totally speculating this so don't take my word here but the trading would indicate this.
Thank the lord we dont have bank debt to worry about or this stock would have been taken out by now, management should consider themselves lucky this all hasnt been reviewed.
BNL Price at posting:
2.0¢ Sentiment: Hold Disclosure: Held
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