?? Where did $300m come from? Thought $420m was needed and that this figure it was hoped would be reduced by Ganfeng coming on board. I am sure Secker said in an interview that Ganfeng would be covering half of the project cost too ie BCN need to provide approx $200m. If we have various funding packages organised already ($150m RK, Hanwa, OMAN etc) then how on earth is it possible an equity raise for this new amount is needed? BCN really do need to sort this out as it's confusing and alarming having this huge sum bandied about. How much is needed, how much do we already have and how much is needed in a further equity raise? Please.
I could understand if it was $30m as many posters here have explained how one arrives at this amount, but $300 is a game changer/ender. There's no way BCN can raise that much, and certainly not in the time available unless the project is going to be severely delayed.
Golly, trades have almost ground to a halt. Is that because everyone is waiting to see what happens next? I keep hoping for a small rally to at least avoid making a loss here (35 would do) but there just doesn't seem to be anything on the horizon. You can tell I'm an amateur at this. Grateful for the insightful and encouraging posts though from many on this BB. Read some dire msgs on Advfn and nearly fell off my chair! Won't go there again in a hurry...
Blimey Ianbo, if it went down as far as 20p then GF would be mad not to take over the lot. Thing is, if that happened what price would they have to pay given they'd already own 50% by then? Could they dictate the buyout price? Hypothetical question: once GF either own 50% or all of BCN would they then want the sp to fly or would it simply not matter to them whether it's high or low? If it's the former then it makes sense to hold....doesn't it?
Nothing more, nothing less. The difference between the volume of buys and sells is less than £15k for the whole day. That cannot possibly equate to what is now almost a 10% drop in the share price without some kind of shenanigans going on. Ganfeng can't be responsible for this and neither can Secker, although he does have a devilish knack of finding ways to damage the value of the BCN share price when you least expect it :) Flipping irritating but I think it's fun and games for the mms who are setting this up. I'm not ramping, honestly. It's just that this scenario makes more sense than anything else I can think of given what's happened over the last few hours. I'm down a shedload more than £14k so have got to try and stay calm and believe there is still hope something good is on the horizon.
Secker and BoDs will not be kept on and paid fat cat salaries by Ganfeng should a Take over occur. GF will have their own people who can fulfil the required roles (just as well if not better) for far less money. Neither do I believe Ganfeng will happily give out handsome back handers to these guys - it's a Chinese Company and they are Communists after all! I do agree that they could easily out smart Peter Secker however. If Ganfeng want to take over completely then they can do it without paying Secker and Co a bean. BCN is now in such a weak position (Bravo Peter) it is the plaything of GF. If GF seriously wanted to have the lot then they would have done it today at 27p. The difference between that and 25p is peanuts for them so I'm actually doubtful this is the play. This and the fact that the kind of volume we are talking about today (which is tiny) doesn't add up to GF playing games or lining something up. I now think it's MMs priming the BCN sp ready for some serious action in the next few days or couple of weeks because they know news of some sort is due.
One other possibility is that the sp is indeed being walked down to 25p in order for Ganfeng to take up their option of buying another 20% of BCN. If news was announced shortly after that showing BCN then had all the necessary funding in place for the porject to go full steam ahead the sp would rocket and Secker and co could then do very nicely from those recent options....
Actually couldn't this be mm's fun and games? Walking the sp down as far as they can and then jumping in for profits on a sudden spike? Just seems too obvious and too quick for Ganfeng to be responsible for this and, as I understand it, Secker and BoDs will not be able to make the most of those options issued yesterday at these low prices, so why would they have bothered putting out that RNS?