Our Q&As are emailed in our Saturday Morning Report, find the answer to this question below.
Hi James and team. I have received the most recent prospectus for the BCB capital raise and there are a lot of moving parts. My gut instinct is that this would be just good money after bad, but I note that Shaw are part of the underwriting team. Also noting that MM recently sold out of BCB, what are your views on their future post this raise? Cheers
Hi Craig,
MM sold out of BCB at higher levels in July and the stocks is not currently on our radar. A few of the larger holders of the stock have partially underwritten the deal (not Shaw), though Shaw was/is involved in the raise. To be frank, we’re not hearing a lot of positive news around it, but we’re not that close to the transaction.
That said, we’re positively surprised that they’ve gotten the raise away, which will give them a longer runway for recovery – the stock could easily double back to 1.5c if a few things go right – high risk, high (potential) reward punt at current levels.
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