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I agree, if Oaktree get involved there is no way that this is...

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taipan168

81 Posts.

33

27/07/18

09:38

Post #: 34588282
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Originally posted by pikel1980 ↑

Yeah, make no mistake, if oaktree get involved. It will be a very successful deal for oaktree and their shareholders. Not such a great deal for BLA shareholders.

I assume the deal will look like:
1. A position on the share register, circa 20% at $1 / $1.50 a share.
2. Re-finance the existing loans to investments to re-cash the BLA balance sheet.
3. Board representation
4. The ability to convert that debt to equity in BLA if certain conditions are met - terms favorable to oaktree.
5. BLA would be pushing for a deal to present to the shareholders at AGM

As I have maintained, this will be interesting after the annual report - until we see the true recurring operating costs (June update reported 30million negative operating costs for last 6 months) this beast is a dog.

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I agree, if Oaktree get involved there is no way that this is going to be positive for BLA shareholders, other than preserving option value by stopping the ship going under (which you have to assume it otherwise would if they are asking a distressed debt investor to invest).

BLA Price at posting: $1.83 Sentiment: None Disclosure: Not Held
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