Which is both good and bad. On the one hand it resolves the short to medium term debt issues, but will also be highly dilutive (again) to existing shareholders, especially those who can not find funds to apply for the SPP.
Two questions - what price will be struck for the SPP; and how much take up are they likely to get from retail?
With the share price languishing any discount will put further pressure on price. A real catch 22.
All in all, from the retail investor point of view this series of placements has been a nightmare - I just want them to hurry up and bed this down and get back to concentrating on the business and generating earnings.
After all this dilution I would be ropeable if they were undertake a share consolidation.
BLY Price at posting:
$2.75 Sentiment: Hold Disclosure: Held
