BLY - Boart Longyear Group

[Donga]

SO with all these multiple holdings.... What is the general feeling about the scale back?

We don't know yet and nothing we can do about any scale back, which is why I sold half my holdings not all. Hopefully I'll end up with 50% more than previously. Also bought a small package for my two sons who have yet to be interested overly in ASX. Ceased the modest monthly deposit into their managed funds for when they're ready to take on Aussie real estate and bought a small parcel of my three bullish stocks over the next 2-3 years being BLY, ROG and the somewhat more speculative MMR. Hope the package does better than the First State managed fund

 

[carlwilk]

Re: POTENTIAL BREAKOUT Alerts

Like Ronny and Lukeaye, I jumped onto the BLY bandwagon after its second consecutive up day after a long period of sideways consolidation with quite strong support and resistance. Using Fibonacci projections based on previous spikes I was looking for a rise somewhere between 42c and 45c but this may have just been wishful thinking.

We have now had our second down day from the up days which is now starting to look like a pattern failure. The only consolation I have on this at the moment is that although the price is decreasing, the volume is also decreasing, indicating to me there is not much strength in this downward movement. This second down day however has broken through some longer term price support and also broken through the ascending triangle pattern.

MACD shows almost nothing but a little bump so its hard to get anything useful from this.

Any thoughts on future movements of this?

(tried to post chart but failed because Ive posted on ASF less than 5 times)

 

[lukeaye]

Re: POTENTIAL BREAKOUT Alerts

Hi Carlwik,

price action seems to be very inconclusive at this stage. It may very well go down, but may very well go up. Sick of hearing that?

The bottom line is, a high probabilty move has been identified, we obviosuly have an increase in interest in the stock, whether it breaks up or down is unclear at this stage. Momentum does favour the upside still however. I wouldnt be to worried at a few down days.

If im wrong though, and it moves down, which is a real possibilty, the amount i lose does not worry me a great deal, if im right the return hopefully will be far greater.

So my suggestion (not advice) i dont give advice hold the position, because getting scared and selling now may cut the potential gains you may have. I hope your not in a position where if your wrong you will lose the home or have no capital left? Do you own the physical stock or a CFD?

 

[carlwilk]

Hi Lukeaye,

Nice to hear someone elses thoughts on the price movement. Dont worry too much about the advice thing... I make my own trading decisions so Im not going to come hunting you down if you are wrong... Id actually jumped onto BLY before I found references on ASF.

Seriously though, I have tightened my stops a little with the anticipation of a possible reversal but will not exit my position prematurely without some more confirmation. As you said, the potential gain is far greater than the potential loss. Out of interest, what SP target did you set and where did you set your stops? As previously mentioned, I had estimated at a little over 42c for the next upward price move and have set my stops at 27c. Not asking for advice as such... just nice to know what others are doing.

Its been about 3 years since I traded properly and am a little out of practice with my pattern recognition so am playing with the underlying equities at the moment. Limits my gains but most importantly limits my losses too.

All the best.
Carl

 

[gooner]

We don't know yet and nothing we can do about any scale back, which is why I sold half my holdings not all. Hopefully I'll end up with 50% more than previously. Also bought a small package for my two sons who have yet to be interested overly in ASX. Ceased the modest monthly deposit into their managed funds for when they're ready to take on Aussie real estate and bought a small parcel of my three bullish stocks over the next 2-3 years being BLY, ROG and the somewhat more speculative MMR. Hope the package does better than the First State managed fund

The SPP was well flagged before record date so plenty of people will have jumped on board to get the cheap SSP shares, including me. So I reckon a good chance of a scaleback

 

[pedrod]

Can some one please explain the reaso for the scale back after the SPP. I'm still learning.
Are we looking for support at 27c due to the SSP?

 

[skyQuake]

Can some one please explain the reaso for the scale back after the SPP. I'm still learning.
Are we looking for support at 27c due to the SSP?

If theres too many people on the register all applying for $15k, there won't be enought shares to go around. Thus the scaleback.
Support at 27c is possible but unlikely. Only the SPP guys will treat 27c with respect. Other holders have no reason to consider 27c significant.

Cheers

 

[BSD]

Only the SPP guys will treat 27c with respect. Other holders have no reason to consider 27c significant.

Cheers

The wholesale offer was also done at 27c and it dwarfed the SPP.

While a lot of this stock is already OTD above 30c; a massive portion of the register will be taking 27c very seriously

That all said, now without the fear of debt, many would be keen to fill boots again on any retail panic below 27c

Metals are worth exploring-for again and miners have raised funds to cover the bills

Mad to be stopped out here at 27c before selling others I would assume

 

[skyQuake]

The wholesale offer was also done at 27c and it dwarfed the SPP.

While a lot of this stock is already OTD above 30c; a massive portion of the register will be taking 27c very seriously

That all said, now without the fear of debt, many would be keen to fill boots again on any retail panic below 27c

Metals are worth exploring-for again and miners have raised funds to cover the bills

Mad to be stopped out here at 27c before selling others I would assume

Good point forgot about the instos. Also it bounced off 26.5 many times so those levels would be key.

 

[SilverRanger]

Got the following message from IB today:

"Please be informed that IB cannot participate in this event due to the fact that IB is a US company. Please know the share registry of the event has placed restrictions on IB, a US company, regardless of where our customers are domiciled.

You will receive the refund of the unsuccessful application soon."

Well, IB is an US company, but Fortis is an ASX registered broker....

 

[skc]

Got the following message from IB today:

"Please be informed that IB cannot participate in this event due to the fact that IB is a US company. Please know the share registry of the event has placed restrictions on IB, a US company, regardless of where our customers are domiciled.

You will receive the refund of the unsuccessful application soon."

Well, IB is an US company, but Fortis is an ASX registered broker....

With share price as low as 27.5c yesterday... possibly a blessing in disguise?

As I said on another thread. It annoyed me a great deal that they took money out of the account before they check the validity of their participation.

 

[gooner]

With share price as low as 27.5c yesterday... possibly a blessing in disguise?

As I said on another thread. It annoyed me a great deal that they took money out of the account before they check the validity of their participation.

Yeh - my SPP punt looks as though it will come neutral on Monday rather than profitable. Might pick up 0.5cent if I am lucky.

 

[UMike]

Well I got 65% of what I asked for.

Now, hopefully with all this Capital rasing completed, the SP can now rise.

 

[Albi]

I havenot got any news from BLY though today is the date of allotment. Do they have some othe system? Can any explain. I transferred the money using bpay on 22/10/09. My bank account shows the money is taken.

 

[skyQuake]

I havenot got any news from BLY though today is the date of allotment. Do they have some othe system? Can any explain. I transferred the money using bpay on 22/10/09. My bank account shows the money is taken.

Check ur brokerage acct. Should be there.
Alternately, if you did you bpay after 5:30pm on the 22nd, then it would be too late. You should receive a cheque in the mail in about a week.

 

[Albi]

Check ur brokerage acct. Should be there.
Alternately, if you did you bpay after 5:30pm on the 22nd, then it would be too late. You should receive a cheque in the mail in about a week.

I paid at 10:30 in the morning on 22nd. I have an account on comsec and it is not showing in my portfolio. Tomorrow I will check with them

 

[skuld]

I paid at 10:30 in the morning on 22nd. I have an account on comsec and it is not showing in my portfolio. Tomorrow I will check with them

Probably will take a couple of days to appear on your comsec portfolio. Check your portfolio on linkmarketservices.com.au website. I got 65% of the smallest parcel as well.

 

[Albi]

Probably will take a couple of days to appear on your comsec portfolio. Check your portfolio on linkmarketservices.com.au website. I got 65% of the smallest parcel as well.

Thanks Skuld. I checked it and you are right it is showing linkmarketservices. I also got a small parcel. When I will get the remaining money? I am thinking to buy more if it falls.

 

[Doris]

hi guy,

Are there anyone know how the SPP works? when i make the payment to purchase the shares they issued. these shares which you purchase will directly transfer to your broker or not?????

because next few days i am going to purchase their SPP. but i dont know how does it work?

I didn't read this thread until just now.
A few folk had queries they were concerned with. FYI in future:

At the top of your SPP Application Form... right hand side (addresses etc) is their phone number: 1800 781 633.

You could have called them (BLY) any time for information:

Before closing date:
- can I make a second application although the first is now done? (Yes - same entitlement number)

After allotment date:
- I have only 65% of my application. Where does my balance go? (your normal trading account)

Always pay the day before!
Great patience and work still abounds on ASF. Top site.

 

[skyQuake]

After allotment date:
- I have only 65% of my application. Where does my balance go? (your normal trading account)

Just like to point out that unless you have done this through your broker, ie. you bpay directly; more often than not it'll be returned via cheque a week after allotment