My apologies Rifici - my initial interpretation of the announcement was different to what you had written but now that I read it in full I missed a few key words ie. Buy back.
To me it looks like BRT have burnt a lot of money. Surely MFC would laugh at BRT if they offered them less than the original price even in the current environment - considering there were probably others looking at MFC also.
Pending the loan actually settling, this would free up capital to get rid of Noble + have reserves, but I would prefer they use it to enhance what they already have and get everything cash flow positive before they go looking for more aquisitons. It may be a slower journey but it may avoid 'pickles' like they are in at the moment in the near future!
SLE
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