To update the earlier valuation in this thread, if one does a pro-rata market cap comparison of BUL & QGC, BUL should be trading at 1.44, so on that basis its still a bargain HOWEVER its sad to see the little shareholders diluted AGAIN (after last year's discounted issue to sophisticated investors). In fact, when the conversion of loans at 18c is considered the average issue price of the 146m new shares will be closer to 23.6c than 25c. And I'd be interested in how much of the $34.6 will be gouged back out by CVC for their "expertise".
Well, that's the way the world works. The compensation is that BUL appears to still be a great opportunity.
BUL Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
