norsc , your reasoned reply welcome. I am a very long term...

norsc ,
your reasoned reply welcome. I am a very long term holder of BPT and will comment, though have not yet thought through the issue you note. And best no doubt on the BPT forum in due course. Though I do well recall when the SP was pushing $1.80 and any move to possibly regain lost ground would be very well received. But of the cap raisings you mention of Senex and Cooper, I believe that a significant feature in this is the lack of tribal warfare in their respective shareholder groups. Uncertainty in the future direction of a company and who will be responsible for setting and executing this is the kiss of death for confidence to invest. Which is why I have called for some stability if at all possible in our current circumstances. As a closing remark in this respect, the disastrous Santos result is largely due to board failure in over committing to the Gladstone LNG project. Voelte I recall described coal bed methane as "girlie gas" and very sensibly kept WPL out of it. But even in face of this glaringly obvious misdirection as seen from the present, nobody is agitating to spill the Santos board. Curious.
In my considered opinion.