sp volatility, page-18

Markie - excellent analysis on the covenants.
One other problem - the 21% of ANG. At half year it sat in the balance sheet as $55m in value - its now about $23m so BKN has lost $30m is asset value here as well in this half.
The FY result will be littered with big write downs and one-offs. Surely the intangibles at 360m have to get written down to a more meaningful number as well. Therefore - expect NAV to drop by maybe 120m. Expect no final dividend either.
The major positive is their forecast EBITDA number and the fact that at the half year the margins were holding at 15% - seems very unlikely they can hold the margin in the current climate.

I am not holding but watching to strike