Australian (ASX) Stock Market Forum

BLY - Boart Longyear Group

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It's been about two years since I originally posted, but I'm glad to see this thread has bought about some interest in this company! I remember purchasing BLY at around $1.90 just after it floated.... I got out at about $2 some time back.

Given the history of the float, I purchased some more BLY through my superfund and got in at 23 cents, to see it rise to low 40's.... and have just recently got out at 28 cents... I couldn't help but agree with the previous poster on the capital raising being a bailout, I guess only time will tell.

Am happy to sit on the sidelines now... good luck to any holders.
 
The way I see it, BLY had three main problems:
1. Way too much debt
2. Quite a bit of that debt due very soon
3. In a business that has been hit hard by the economic downturn

The captial raising was a bailout, but it does fix problems 1 & 2. Now they need the recovery to continue to fix 3.

Anyway, I've taken a punt that that will happen and picked some up at 27.5c. No idea where the price will go in the next few weeks, but I like the prospects after a month or so - provided the wheels don't fall off the recovery.
 
this is wierd. IB says my average price is 32 cents when im pretty sure i bought when it was 41 cents. or did they factor in my entitlement before i even received it? number of units held hasnt changed
 
hmm i think im going to hold out as long as i can before taking up the share entitlement. I hope the price starts to get back above 30c this week so it will make it more attractive to take it up before the 8th of sept
 
fureien said:
this is wierd. IB says my average price is 32 cents when im pretty sure i bought when it was 41 cents. or did they factor in my entitlement before i even received it? number of units held hasnt changed
Click to expand...

It's not about whether you took the offer or not, the price was averaged down due to the extra shares shoved into the market at a reduced price. So as far as the shareprice is concerned it have never reached 41c in recent times. I was confused too...!!! If you take up the offer, you will still get your shares at 27c which isn't worth much at the moment considering the shareprice is hovering around 27.5c today.
 
i noe wat dilution is, im just saying i bought it during the highs, a few days before the trading halt. Look at the charts for BLY where the trading halt begain. it was above 40 cents, which is when i bought. Then it plummetted. But it says my average buyin is 30 something, which has me confused cause i havent averaged down yet
 
Well. I am not taking up the offer. So thats probably a good sign that they should go nuts ;)

But to counter that, I have exposure to this company already.

cheers
 
I just registered my interest to take up full entitlement

My current holdings sit at .405 and i do not want to forfiet my position with BLY because i do think there is room for growth in a recovering market. Now that i have averaged down lets hope to see a jump in share price after this process is over
 
The underwriters will dump it soon enough once they get the retail shares.
Feels pretty heavy too.
Though a bit of the instos have shorted into it the placement awaiting their allotment.
 
Hi, can anyone help me here, with regards to the entitlement date for participation in the conditional placement SPP if approved at the egm, I thought it was during their trading halt 18 Aug 09?

The statement they put out today has me a bit confused.
 
suhm said:
Hi, can anyone help me here, with regards to the entitlement date for participation in the conditional placement SPP if approved at the egm, I thought it was during their trading halt 18 Aug 09?

The statement they put out today has me a bit confused.
Click to expand...
Dude.
It closed on the 8th of September

If you want more you'll just have purchase them on market.


btw there was a shortfall of A$117.5 million. :(

Lack of confidence by eliglbe holders perhaps.
 
Yeah that's what I thought but I read this today.

If shareholders approve the Conditional Placement, Boart Longyear intends to offer all eligible shareholders an opportunity to participate in a Share Purchase Plan (SPP). Further details of the SPP will be announced following the EGM.

and this from the completion of the institutional offer.

In addition, Boart Longyear intends to offer a Share Purchase Plan to eligible shareholders if Boart Longyear shareholders approve the Conditional Placement at the EGM expected to be held on Thursday, 24 September 2009.

Is the SPP the conditional placement or another round of cap raising details of which they will update on in the egm. I doubt it but I haven't been following this one for very long.

Edit: The shortfall actually got me interested as the overhang could give me a good entry point but if they have an SPP coming I only need to take a small position.
 
There seems to be some interest again. Some interesting players are coming to the table if you read today's announcements...
 
The volume is up again today I hope they're interested enough to push the share price a lot higher as I took up my allocation:D
 
I’ve increased my exposure to this stock now that debt between now & April 2012 has been managed. If another SPP is tabled soon then I’ll be taking more for sure.
 
blanker said:
I’ve increased my exposure to this stock now that debt between now & April 2012 has been managed. If another SPP is tabled soon then I’ll be taking more for sure.
Click to expand...

Its now on the table. You can have $5K, $10K, or $15K worth at .27 (if you held shares on 24 Sep).
I feel like these guys have had their hand out more times than a street full of beggars, yet I dont read any good 'business' in the meantime.
Feeling jaded with this lot.
$0 from me.
 
jbocker said:
Its now on the table. You can have $5K, $10K, or $15K worth at .27 (if you held shares on 24 Sep).
I feel like these guys have had their hand out more times than a street full of beggars, yet I dont read any good 'business' in the meantime.
Feeling jaded with this lot.
$0 from me.
Click to expand...

Patience JB, the news is out there in the form of the economic recovery and healthy pickup in mining exploration. Unless these guys screw up, and I know a couple of people in this thread have questioned their managment performance, they have a long way to climb relative to their earnings potential in a strong mining environment. I'm holding quite a lot for me, and will take up some of my entitlement this time now that the stock has begun to climb and the shorters should be less active :rolleyes:
 
It paid off nicely last time when it went up above 40c..I like this one,entered again at 30c and 27c...will buy some more in SPP.
 

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