First of all I don't know David Breeze,and I have no allegiance...

First of all I don't know David Breeze,and I have no allegiance to him at all.

But consider the following:


1/Consolidation of shares/Issuing discounted shares
He had to consolidate the shares because the ASX requirement to issue new shares ( which he wanted to do to raise capital for subsequent drilling ) is TWENTY CENTS/share minimum.
Obviously with the shares pre consolidation at LESS than 20 cents, he had to do the consolidation to issue more shares.

Unless he issued the placement shares at a discount, he would not have got the capital in the first place.( When issuing/placing new shares, it is not unusual for companies to do so at a discount )


2/Current market price of BPH
Now that BPH is re listed Breeze has no control over the share price on the market.
Buyers/sellers set that.

Part of the current price is no doubt existing BPH holders who have shares purchased at lower prices reducing their exposure to some of the risk with the drilling

ALL the Advent related PEP 11 companies are well off their recent highs which occured around the time BPH went into the trading halt, so the fall in BPH with their relisting merely brings them into line with the others.

As has been mentioned the Artenis/Meo well coming up a duster has focused many Pep 11 holders on the realities of possible failure of the current drilling.

3/Share suspension
The suspension of the shares was imposed on the company by the ASX during the cap raising/reconstruction.

I agree the timing was unfortunate with the drilling starting, ( a date which was ultimately set by the drilling company and over which Breeze had no control)
After previous delays Breeze needed to do it close to the drilling to ensure investors knew it was for real.


4/ I agree the fee to GBA was excessive.

However NET NET NET
Breeze has raised sufficient capital within the group to do a future second well, and as I said in an earlier post, done so with the minimum dilution to existing shareholders.


So how will all this work out ?

To paraphrase an old PETER PAUL & MARY song:

"The answer is blowing in the Breeze"