Well, this is what's happening: Price has been held down by...

Well, this is what's happening:

Price has been held down by sellers; has to be the creditors. Using amibroker I've totalled the volume traded since end of Sep 2017 after the re-cap was implemented (I think it was earlier in Sep so I'm being conservative).

ASX vol = 2.15B shares.
If we assume Chi-X is half that; 1.2B. Again this is conservative, Chi-X often has higher volume than ASX for BLY lately.
Total = 3.35B or thereabouts offloaded by creditors.

Now is the time to buy BLY if you're hunting 3 - 4c:
1) I think creditors will starting backing off soon with the improved FA. Plus, they're holding 3.35B less shares than before.
2) Improving commodities conditions
3) What many may not realise is their objective of being a drilling products supplier, more so than just drilling. Q1 products revenue grew 18%, very significant.

The more exploration by all companies, regardless of drilling contractor, will benefit BLY if they buy BLY drill bits and parts. Someone once posted that they're 'selling themselves to the competition', but this could be the plan all along. Products revenue will increase substantially with more exploration globally.