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BTU - Bathurst Resources

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BTU in a trading halt pending an announcement in relation to an article in today's AFR.

Has anyone seen this?
 
same old story:

AAP

Bathurst Resources Ltd has gone into a trading halt, after a report it is set to increase its takeover bid for Galilee Energy Ltd's coal assets.

Bathurst was expected to revise upward its bid for Galilee spin-off Eastern Resources Ltd to between $30 million and $35 million, the Australian Financial Review reported on Monday.

An earlier $30 million bid for the company was rejected.
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Bathurst requested a trading halt on Monday pending an announcement in relation to the article.

It said it expected shares to resume trading no later than Wednesday.

If the report proves correct, it will be the second time news of Bathurst's intentions regarding Eastern Resources have been broken in the newspaper prior to the stock market being notified.



from: http://news.smh.com.au/breaking-news-business/bathurst-resources-halts-trading-20101108-17jpd.html
 
Thanks, roland. No chance of me seeing the AFR from my present location.

I suppose it was inevitable that BTU would increase their offer although I'd much prefer that they concentrated on the Buller project. Still, the GLL assets would be a useful second string if problems emerge in Buller. I'm still picking that the environmental fight will be a tough one, despite the overall support from the locals there.

Edit. Just noticed the "SMH" ref.
 
BTU and GLL have moved from Trading Halt to Suspension From Quotation. This would hardly be necessary if Bathurst hadn't suceeded with it's offer for GLL, me thinks.
GLL's own anny quotes a "potential significant transaction", rather than just a reply to the AFR article.
 
GLL have agreed to BTU buying the Eastern Resources NZ assets.

Looks like a good move with these including tenements and an operating mine in close proximity to BTU's Buller Coal Project.

Market likes it with BTU up 22% on re-listing today.

:cool:
 
Better and better!

I must admit to some surprise at the strength. BTU's shareprice now up 36% today to 55c!

;)
 
Thanks, SR.

I'm sure that article had a positive influence on the SP yesterday.

Not so sure though that BTU is too worried about selling to the local steel industry. As has been noted, the Buller Coal Project virtually surrounds Solid Energy's Stockton mine which sells its output to (mainly) Asian customers. If, as expected, BTU's coal proves to be of similar high quality I would expect it to find similar buyers.
 
I have been picking up BTU in bits and pieces over the past couple of weeks, so I am not a long term holder yet.

I was most impressed with volume and movement in the stock today, in particular what happened once it reached the wall at 70c. Many stocks approach such a wall and retreat but BTU holders simply bought their way through it and it was gone in 20 minutes or so.

I was also suprised by the lack of profit taking at the close, sure there was some, but not very much.

I would hazard a guess that a lot of today's buying went to portfolio holders with a medium / LT outlook on the company as even with a 7.70% rise (or 10% earlier in the session) there was not the usual hard core selling at the close one would usually see from day traders.

With the MOU now signed there is less likelihood of existing holders bailing out now things have started to get interesting so new buyers will have take stock from the offer and the offer side of the market is not offering much BTU at all at the moment.

Taking the above observations into account I would expect BTU to show some decent gains on Friday as well and why not when it is not to difficult to justify a $1.00+ price for this stock based on where we stand now, without even discounting future developments.

A good time to be on board with BTU.


EB
 
coverage from Australian Fin Review today
" Mining Minnows to Watch as Output Ramps Up" page 21
they note that NZ coal miner BTU has been the centre of takeover talk. This may be supporting the strong buying of the last weeks.

In the same piece, Street Talk notes that Credit Suisse has an initial target of $1.50 ps.

This is well above current sp of approx. $1.05. 21-01-2011 11-54-50 AM.jpg

It is interesting to see the trading range each day is getting larger.
(Note that for some reason the charts from bigcharts always shows an over-extended opening low for the current day)

Can't go exponential for ever.
 
I got in a bit over a week ago at 80c. You can't buy this one on a dip, there aren't any. Just wish I had more money at the time.
 
BTU continues to roll on despite no major news. Approvals pending and momentum gathering.....someone knows something...Watch this space
 
Bolton said:
BTU continues to roll on despite no major news. Approvals pending and momentum gathering.....someone knows something...Watch this space
Click to expand...

Well, as previosly noted there was a snippet in the Street Talk page of last Wednesday's AFR that mentioned that BTU was close to appointing a "defence adviser", presumably to ward off any unwelcome takeover overtures.

I hold.
 
And another mention in last Monday's AFR Street Talk column, claiming interest in BTU as a takeover candidate and expecting an early announcement of a company "defence adviser".

Either someone's pumping this or maybe there's some fire behind the smoke!

Quarterly report made good reading though.

I hold.

:cool:
 
The final approval from the NZ government looms near. Big players such as JP Morgan now increasing their stake and a major steel company commiting to almost half of the first years production. This is all before a shovel has even struck the ground. The coal grade is the highest and well sought after. I would imagine a 15 - 20 cent increase upon announcement. 3 - 5 weeks perhaps.
Bolton
 
BTU has hit its head a couple of times at $1.10 but today it smashed through that, hitting $1.22 at one stage. Today's announcement certainly sweetens the pot...but not the biggie. The final approval from the NZ government should see the big gains. I was previously expecting $1.30 - $1.40....might have to raise that a little.
Enjoy the ride
 

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