ASL reports tomorrow and is smacked down today (I was surprised it didn't go down more yesterday)... it takes a brave soul to hold this into tomorrow's report that's for sure.
Actually ASL reported today and things aren't nearly as dire as BLY's painted. Share price up a casual 17%.
It would have taken a brave soul to went in to the report, long or short.
I have been holding ASL since taking a position in May (1.55)...does that make me brave or just plain stupid?
Will have a read of the results over the next couple of days and make a decision - but if it is able to pay a dividend, life cannot be too bad. I reckon it will end up trading at tangible book.
What's NTA? Iress is saying 63c which I assume is not your price target!
Is that assets/share or price to assets??
I am out as of yesterday result ..thing turn for the worse with balance sheet gone -take a loss not a big one as I manage to trade in and out for a while for profit so my average probably be around 55-60c and I got out at 52c
Money gone to AHZ because this thing look better by the day in 2 years it should generate decent profit and start growing ....
Good move there ROE, AHZ breaking out of consolidation this morning while Boart releases a shocker. Avg rev. per month in December looking very shakey in the presentation. Things are looking far worse than the 2009 low. There is really no optimism in the report and the only positive to be taken away is that the company does have some substantial assets that could be sold. Equity now only ~$450m after this years massive loss...
Which brings us to a philosophical (or perhaps statistical) question. Is a 120 year old company more or less likely to survive the following year comapred to just any company over 10 years old? Does the long history mean that statistics / freak event or whatever will soon catch up with tem?
In this market, who are they going to sell the assets to?
BLY's stock has plunged primarily because of the weak sector. What is your opinion about the timeframe in terms of the reversal of the sector? How long will it take until the sector reverses? thanks.
it is not just weak sector this business has balance sheet issue ... it has a decent chance of getting massive dilution or going belly up..
I am out as of yesterday result ..thing turn for the worse with balance sheet gone -take a loss not a big one as I manage to trade in and out for a while for profit so my average probably be around 55-60c and I got out at 52c
SYDNEY- Boart Longyear Ltd., the world's largest supplier of drill rigs to the mining sector, has begun talks with specialist restructuring advisers to avoid bankruptcy as demand for equipment from global resources companies plummets, three people familiar with the matter said.
Utah-based Boart has been seeking to sell assets or raise capital since February, when it appointed Goldman Sachs to carry out a strategic review in the wake of widening losses and high debts. Now, Boart has begun working with a different set of advisers-the Australian restructuring group at law firm Ashurst, and insolvency practitioners KordaMentha-which specialize in radical measures to save companies from financial collapse, the people said.
... Despite the cutbacks, Boart has struggled to manage debts of around US$600 million. In recent months, the company has twice negotiated with lenders to relax financial covenants and replace restrictive bank loans with long-dated high-yield notes. But with demand for drilling equipment showing little sign of recovery, Boart appears to be running out of options to repair its balance sheet. Boart's unsecured notes due in 2021 are now trading at only 72%-73% of their face value, and bondholders are nervous. Ares Management L.P., a Los Angeles-based fund which has become Boart's largest lender, recently appointed Australian law firm Arnold Bloch Leibler to represent its interest in any future restructuring of the firm, a person familiar with the matter
said. Such a restructuring could include lenders exchanging debt for equity in the business, although no decisions have been taken.
BLY's stock has plunged primarily because of the weak sector. What is your opinion about the timeframe in terms of the reversal of the sector? How long will it take until the sector reverses? thanks.
BLY major share holder is dumping shares, hence the large price drop. Does anyone here thing Boart will survive??
If YES, then now is surely a great time to buy...
thanks
You don't bring in KordaMentha just for a chat. I reckon they'll be done in the next week.
BLY major share holder is dumping shares, hence the large price drop. Does anyone here thing Boart will survive??
If YES, then now is surely a great time to buy...
thanks
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