BLY - Boart Longyear Group

Centerbridge distressed debt fund have 12% of BLY.
I reckon they will buy BLY debt and do a debt for equity swap. BLY will be saved...BUT
Does anyone know how this will work? What will be left for current shareholder?
thanks
ceasar

ceasar73 said:

Centerbridge distressed debt fund have 12% of BLY.
I reckon they will buy BLY debt and do a debt for equity swap. BLY will be saved...BUT
Does anyone know how this will work? What will be left for current shareholder?
thanks
ceasar

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Current shareholders could easily be left as a rounding error in a recapitalised structure. However, existing holders might also be offered an opportunity to participate in the recapitalisation... if throwing good money after bad is their thing.

BLY up 50% today on the back of a new funding deal, but another rights issue announced also...

I don't follow this stock but this might be of interest for any holders out there.
http://www.skynews.com.au/video/finance/2014/10/23/11am-market-wrap-thursday.html

skc said:

And what do I know. It's gone from historical low of 8.8c 2 days ago to 21 cents at the close today. [...]
Sign of life or terminal lucidity?

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"Reports of my demise are greatly exaggerated." (apologies to Samuel Langhorne Clemens)

Today's announcements of recapitalisation: http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01565189
and buy-back: http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01565196
would have surprised many; hence the huge p&v spike.



Unfortunately, I missed it too

Concur. A lot of debt here in BLY while the sector has problems due to the low gold and silver price.

I have tried to look through the annoncement a number of times now and still can't really get my head around the deal. It has 5 or 6 different "mechanisms" and in the end I can't work out how much existing holders will own and how many shares are going to be on issue...

Has anyone smarter here got it figured out?

From a weekly chart perspective, it is starting to get interesting but I haven't seen or read the fundamental news so can't comment.

I'll be looking at these more closely if it moves above 0.26 and look at an entry not long after that if the indicators I use agree with an entry.

Have Centrebridge saved this mob or is it still to early to call?
thanks
c73

BLY??

To early to BUY BLY??

thanks
c73

All but written off this time last year, BLY seems to be finally coming back from the dead.

ceasar73 said:

Have Centrebridge saved this mob or is it still to early to call?
thanks
c73

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Two and a half year on, BLY gets another recapitalisation. This time, existing non-centrebridge equity holders get diluted from owning 35% of the company to just 2%. Or if you used to hold 1,000,000 shares you will hold ~ 57,000 shares after the dilution.

For the record, BLY's all time high share price was ~$22 when adjusted for all the dilutions/consolidations etc. Today it seems a bit overpriced @ 6c given the pending dilution.

On a brighter note, holders get some warrants and a $5k SPP to buy new shares @ 2c...

Thinking about taking a punt with this one. Anyone know why this stock has been hammered so much lately?

BLY back from the dead and up almost 50% today.

Recently announced recapitalisation and leadership changes may have turned the tide of negative sentiment on this one. I thought it might have been all over for BLY a little while ago.

greggles said:

BLY back from the dead and up almost 50% today.

Recently announced recapitalisation and leadership changes may have turned the tide of negative sentiment on this one. I thought it might have been all over for BLY a little while ago.

Click to expand...

But the recap hasn't actually happened yet?! At 7c the market cap is $66m. Existing holders are going to be diluted to just 2%.

No matter how you look at it, BLY isn't worth $3.3B (being $66m / 2%).

I am at a complete lost as to why BLY spiked so hard in the last few days. Any other suggestions?

skc said:

But the recap hasn't actually happened yet?! At 7c the market cap is $66m. Existing holders are going to be diluted to just 2%.

No matter how you look at it, BLY isn't worth $3.3B (being $66m / 2%).

I am at a complete lost as to why BLY spiked so hard in the last few days. Any other suggestions?

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Sometimes if you give a dead dog a hard enough kick it will jump.

gg

ASX ANNOUNCEMENT (ASX:BLY) 16 September 2021 BOART LONGYEAR RECAPITALISATION UPDATE – SUPREME COURT APPROVES CREDITORS' SCHEMES
Boart Longyear Limited (ASX:BLY) (Boart Longyear or the Company) is pleased to advise that the Supreme Court of New South Wales (Court) has today made orders approving the Secured Creditors' Scheme and the Unsecured Creditors' Scheme.
The Company expects to lodge a copy of the orders of the Court with the Australian Securities and Investments Commission (ASIC) tomorrow, Friday, 17 September 2021, at which time the Secured Creditors' Scheme and Unsecured Creditors' Scheme will become effective. The Company will provide the timetable for implementation of the Recapitalisation following lodgement of the Court orders with ASIC.

“Receiving Court approval today was a tremendous outcome for this Company that has a long and proud history of being a market leader to the mining services and exploration sectors”, said Boart Longyear’s CEO Jeff Olsen.
The Company announced in early January, the engagement of an advisor for a strategic review to identify potential options in anticipation of the maturation of the Company’s debt facilities.
The Company committed to all stakeholders that it would find a path to resolving its over levered balance sheet while remaining a market leader in the industry. Jeff Olsen also stated, “I would like to thank the Boart Longyear team who continue to service the needs of our global customer base.
Without the many sacrifices of this team the Company may not have been in a position to achieve a successful recapitalisation. The “New” Boart Longyear is now positioned well to take advantage of a rising market sector. Shareholder Information Line If you have any questions in relation to either the Recapitalisation or the Re-domiciliation, please contact the Shareholders' Information Line on 1300 540 303 (within Australia) or +61 2 9066 4083 (from outside Australia) between 9:00 am to 5:00 pm (Sydney time), Monday to Friday. Authorised for lodgement by: Nora Pincus, Company Secretary

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AGAIN ???

this has been 'restructured more times in the last 10 years , than i have visited cinemas

i dumped the pitiful remains of my holding in October 2014 @ 26.5 cents ( a share , probably has been consolidated at least once since then )

they should change their business model to a leader in recapitalizations

Never totally dismiss the dogs. Maxim for the day.
BLY up 55% - something about being taken private.

Not Held

finicky said:

Never totally dismiss the dogs. Maxim for the day.
BLY up 55% - something about being taken private.

Not Held

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taken behind the woodshed and all that wasted capital beaten out of them would be better

i wouldn't touch them ( again ) even with Albo's long stick

if others must dabble please do so carefully

Boart Longyear, floated for $2.35b, agrees to $543m takeover​

The ASX-listed drilling company, once the second-largest IPO in Australian history, will go private after struggling for years as a minnow.
.