Yeah, really appalling results today. I have been nicely trading this around the 1.20-1.35 range but have sold out now.
Basically, both investments are worthless. eircom might not go bust but it'll take a long time to recover. There is just too much debt.
The head company has cash but net assets have dwindled to $285m. The current discount to cash is not enough. Only get 60cents and the rest could be gone if they have to recap eircom. I don;t trust management to preserve the left over cash. Thay have a good history of blowing it away.
BCM Price at posting:
66.6¢ Sentiment: Sell Disclosure: Not Held
