Timber...............

Breitburn shares now at $8.90 yep that's right, a $10.50 loss per share since the so called fabulous deal with all the self congratulation was done.

So shareholders have lost close to A$50M. In other words Antares will need to hold the stock for 5 years assuming dividend payments stay the same to recover that money.

Schroders should be very worried, they have backed existing management time & time again, the man who likes to do financial engineering has made a monumental blunder this time. Schroder investments funds must be performing horribly, will they change their fund managers or will the fund managers try to save there own jobs by deciding the game is finally up for Antares existing management?

The stakes in the game of "Chicken" just went up several notches.

Worth noting, no buy-back occurred on Friday.

LOTM