capital raising coming soon

As was stated in the recent Quarterly a capital raising is imminent. My guess is that we will see the board come up with a Rights Issue post consolidation. The consolidated shares should be expected to trade at around 15 cents on the basis that they had been recently trading at 0.5c and the consolidation was one new share for thirty old shares. We now have 44,736,741 shares on issue of which BPT own 51.9%.

My guess is that the RI will be a non renounceable one for one RI at around 12c. This can be expected to be shunned by most existing holders and BPT will take up it's full entitlement and IMO will end up with around 65% of the company. Happy to hear any other views on the CR.

After we get the CR out of the way we should see the new directors taking some action to put some value back into the company. We may even get some action on monetising the East Wing gas discovery in PEP168 which flowed at 8.4 million cubic feet of gas and about 65 barrels of condensate per day in Sept 2008. At the time EPR indicated that the close proximity to existing infrastructure would enable early monetisation. One might say that it is hard to understand the lack of action on that to date but it depends on what your priorities are.

ANZ