want a job ?

OP ED - Not to be considered as advice.

BLY will not prdjudice the SPP ( ending today ) by forecasting to the market or indeed commenting either way.

But - what's the anicdotial evidence supporting a major reversal of fortune...

1. now 61 jobs being advertised on Boart Longyear, 41 in the past three months.

2. Mid Tier miners have greater access to capital. Drilling programs ramping up - now it the peak time for 2010 booking - just how many rigs will be free ?

3. BLY have no debt. Bly will have fresh cap as a result of SPP - take this into account an a return to baseline profits and they should be looking at off market buyback or buy back from the underwriters to cancel the potential share overhang. - The underwriters of the entitlement may have already sold into the market.

4. BLY are now on their own - its put up or shut up time for management - i fell that they reacted fast and furious and its testament that they pulled the companies arse out of the fire in March - the fact that the SPP and entitlement got up is testament to that.

Conclusion.

Ken Henry forecasts a decades long commoditiies boom and prices have significantly rebounded. BLY is exposed globally to various currencies and can benchmark to rising value currencies like the AUD and SA rand, Nz dollar vs the USD.

If their is a run on demand for rigs and the de stocking of components over late 08 / early on turns and turns fast - then BLY is set for a MAJOR REVISION.

BLY is debt free. THis makes it a VERY attractive takeover target, also, BLY could look for minor bolt on acquisitons.


___> opinion only - this should not be used as advice / orffer to acquire securities. <___ do you own research.

source: www.boartlongyear.com/careers