Way Oversold, page-9

Sector Lead,

Breitburn shares are $6.85 a share or A$8.35 a share = A$36M in total, cash will be under A$15M following todays buyback (unless they've hedged the Breitburn holding are traded along the lines I suggested) Outstanding notes A$50M.

So effectively no value in the company now other than NS & BS.

How much are they worth in the current climate? no where near the numbers you're talking about.

In the meantime the directors need to be paid.

Deadcat bounce and Breitburn divi's under even more pressure now come April as are its debt facilities

If they'd taken the $150M in cash, they would be in a good position to acquire some assets on the cheap, instead they are under tremendous pressure and hold leases that are unpredictable at best.

They either need to trade the market as I suggested or use the McQ loan facility to buy some predictable assets, preferably with a reasonably high nat gas component.

No real value in AZZ right now unless position was covered and we won't know that until the end of the month. Personally I wouldn't buy AZZ even if it were at A$0.15 a share right now.

Buying in the loan notes right now at A$2.00 makes no sense at all.

LOTM