David Flanagan giving BAT a kick on Twitter, page-194

BAT deserves to be where it is priced at the moment imho. They set about the fu ding in the last round insuch a way that it decimated the SP through rampant dilution and bad choice of partner. 

It is all well and good securing fiendish g but at what cost? DF and the board completely made a balls up of the whole thing. And we are left where we are. 

Since then the approach has has been a bit more judicious with the proper due diligence and optioneering undertaken. We know, or at least some of us, that this will take time. I do believe DF is attempting to secure Debt only or maximising as much as possible. He owes all the shareholders that much after making an unholy train wreck of the first order last time around (excuse mixed metaphors). 

My view is that if the next funding is high in debt and low in equity we will see a gradual rise of the SP in line with other geographical Graphite companies. If it is high in equity we are cattle trucked for a very long time. Directors buying at these prices does lend to the former though. 

Just my thoughts on current positioning of BAT on the market. For me it’s a long term hold, I think it will come good but not as good as it could have been if it hadn’t been rushed by incompetency (DF and Board) initially and made a dogs breakfast of.