The company is a basket case ... debts are now close to 3 times it's current market cap for gods sake !!!
The management statement was as negative as I've seen for a forward outlook ... how will this inspire any confidence ??
There is a very good reason why this company is among the heaviest shorted stocks in the ASX ... the smart money knew the train wreck was coming a long time ago. In fact over the last number of weeks I have noticed the shorts getting more and more aggressive ... and guess what ... they were right !!
It's another Billabong by the looks of things.
I took a small position at 50c in the hope of a quick bounce but we may not see that price again for some time imo.
BLY Price at posting:
45.2¢ Sentiment: ST Sell Disclosure: Held
