An article came out in The Australian this afternoon which I won't repost, but the key points are:
- Glaucus are still short despite the share price falls
- For their property assets BLA are including undrawn debt in their calculation of AUM, which amounts to $446m
- Glaucus claim that BLA have been selling good assets but holding onto bad ones to avoid crystallising bad investment results
- Investors on the management call hammered BLA why the change to accounting standards relating to revenue recognition of management fees was not disclosed at the time of the $100m capital raising
- Glaucus reiterated their call for a full independent valuation of all of BLA's assets and that they expect more bad news to come.
To me the most interesting thing is that Glaucus are still short after the share price has fallen below their target price of $2.66. I wonder at what point they will close out their position?
BLA Price at posting:
$2.50 Sentiment: None Disclosure: Not Held
