Please keep posting all the negative news and opinions as it...

Please keep posting all the negative news and opinions as it helps me weigh up whether or not to invest in this company.

People still think BLA has done something wrong and that Glaucus has exposed them. I am still looking for anything exposed by Glaucus that is factual (see my earlier post BLA the two sides of the story) and for those who have not read the Glaucus report even with all their misinformation (eg. they overvalued their BLA example overvaluation Beach Burrito by 300%) they give a figure for how low can the price go or what does Glaucus actually value the company at $2.60 per share. A huge discount to the then $11.40 per share but a huge premium to the current price.

Looking at the current panic over not meeting Oaktree loan conditions.

From the 28 September 2018 Long-Term Capital Investment by Oaktree announcement.

"The facility includes the following ‘Review Events’:

• the CEO or independent Chairman of the Company is removed from office and not replaced with a person of appropriate qualifications and approved by the loan note holders within 120 days;

• termination of a ‘Material Contract’ (i.e. a contract that contributes 5% or more of revenue) and it is not replaced within 60 days and the Company does not provide a certificate stating that based on fair and reasonable projections, it is of the good faith opinion that the financial covenants will be complied with for the next 12 months; and

• a demand being made under a guarantee granted by the Company or a Guarantor (but not the underlying funds) in respect of the financing arrangements of certain investments, over a certain threshold.

If a Review Event occurs, there is a 60 day good faith negotiation period regarding the terms of the convertible loan note facility, following which, if the Review Event is continuing and agreement cannot be reached on any required amendments, the loan note holders will be entitled to require repayment in full within a further 90 days."

Now good news.

March 20 2019 Australian Financial Review by Larry Schlesinger.

https://www.copyright link/real-estate/commercial/hotels-and-leisure/blue-sky-selling-70m-of-south-australian-pubs-20190320-h1cl6g

"Blue Sky is hoping for a $70 million pay day after putting its South Australian-based GM Hotel Groups and six Adelaide pubs up for sale"

"The portfolio includes 203 electric gaming machines and seven retail liquor outlets, and sits on more than two hectares.

The pubs are held in a joint venture fund that is nearly four years into an investment cycle that typically runs from four to six years.

"On the back of numerous direct approaches we've had for the group the timing seemed right for the stakeholders to divest as the businesses demonstrate a sound earnings trajectory and present well, and on the back of some significant recent sales in the local market," said Mr Maitland."