Bahamas Petroleum Share Price (BPC)

Share Name Share Symbol Market Type Share ISIN Share Description
Bahamas Petroleum Company Plc LSE:BPC London Ordinary Share IM00B3NTV894 ORD 0.002P
  Price Change % Change Share Price Shares Traded Last Trade
  0.06 4.17% 1.50 25,437,385 16:35:13
Bid Price Offer Price High Price Low Price Open Price
1.35 1.50 1.425 1.40 1.40
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers -1.03 -0.06 33
Last Trade Time Trade Type Trade Size Trade Price Currency
17:07:42 O 3,125,000 1.50 GBX
Related Shares
Bp (BP.), Royal Dutch Shell (RDSA), Mosman Oil And Gas (MSMN), Nautilus Marine Services (NAUT)

Bahamas Petroleum (BPC) Latest News

Bahamas Petroleum News

Date Time Source Headline
03/4/202007:00UKREGBahamas Petroleum Company PLC Partial Conversion of Convertible Loan Notes
25/3/202013:29ALNCBahamas Petroleum Forced To Postpone Drilling Again Due To Covid-19
25/3/202009:06UKREGBahamas Petroleum Company PLC Second Price Monitoring Extn
25/3/202009:00UKREGBahamas Petroleum Company PLC Price Monitoring Extension
25/3/202007:55ALNCFAlliance News Flash Headline
25/3/202007:00UKREGBahamas Petroleum Company PLC Perseverance #1 Well Update
23/3/202016:41UKREGBahamas Petroleum Company PLC Second Price Monitoring Extn
23/3/202016:38UKREGBahamas Petroleum Company PLC Price Monitoring Extension
23/3/202014:06UKREGBahamas Petroleum Company PLC Second Price Monitoring Extn
23/3/202014:01UKREGBahamas Petroleum Company PLC Price Monitoring Extension
More Bahamas Petroleum News
Bahamas Petroleum Takeover Rumours

Bahamas Petroleum (BPC) Discussions and Chat

Bahamas Petroleum Forums and Chat

Date Time Title Posts
08/4/202019:17BPC Ltd40,008
01/4/202020:30Bahamas Petroleum - High impact drilling in 20201,971
09/3/202014:32BPC - - Oil Heading for $9 - $10 per Barrel According to BNP Paribas20
20/2/202015:01BPC PRESENTING8
03/2/202011:43NEW BPC (abuse free)8,317

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Bahamas Petroleum (BPC) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2020-04-08 16:07:421.503,125,00046,875.00O
2020-04-08 15:35:131.50281,0004,215.00UT
2020-04-08 15:32:301.45200,0002,900.00O
2020-04-08 15:21:201.471,000,00014,740.00O
2020-04-08 15:17:551.441,500,00021,600.00O
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Bahamas Petroleum (BPC) Top Chat Posts

DateSubject
08/4/2020
09:20		Bahamas Petroleum Daily Update: Bahamas Petroleum Company Plc is listed in the Oil & Gas Producers sector of the London Stock Exchange with ticker BPC. The last closing price for Bahamas Petroleum was 1.44p.
Bahamas Petroleum Company Plc has a 4 week average price of 1.15p and a 12 week average price of 1.15p.
The 1 year high share price is 5.70p while the 1 year low share price is currently 1.15p.
There are currently 2,221,350,114 shares in issue and the average daily traded volume is 13,011,566 shares. The market capitalisation of Bahamas Petroleum Company Plc is £33,320,251.71.
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10/3/2020
16:41		bunz3: good finish for bpc share price .nice to look at all my shares today to see they all finished blue people who holding shares be happier with so many shares moving back up some more again today after yesterdays and previous days share price drop
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09/3/2020
10:47		muppetsportfoliodestroyed: As the Messiah sells BPC share price collapses into bankruptcy. IDIOTS, MUGS, LOSERS, YOUR PORTFOLIOS WERE DESTROYED WHN YOU IGNORED YOUR MESSIAH. NOW SEE AS YOUR DREAMS GO UP IN SMOKE AS BPC GOES INTO BANKRUPTCY. IDIOTS AND MUGS HAEV BEEN TAKEN OUT AS CAPITAL MARKETS IS A PLACE FOR SURVIVAL OF THE FITTEST HAHAHHAHAHHAHAHHAH HOW HAS THE NO IMPACT CORONAVIRUS WORKED FOR YOU MUGS? Have only managed to sell 7M up to know. Over 5M to sell still. Enjoy the collapse. Losers
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24/2/2020
21:55		tomford8: The Shifting Shares View: Trading opportunities abound at Bahamas Petroleum (BPC) 24 FEB 2020 | Michael Taylor In a recent update, Bahamas Petroleum (LSE:BPC) announced a convertible loan facility and funding update. The company is a great stock to trade both long and short, and I now think there is likely to be more opportunities to trade in the future. The funding facility that Bahamas has unveiled means that it can now “go it alone” according to chief executive Simon Potter. However, “at the same time”, he adds, “we continue to consider several farm-in options”. Now, we have to take these “farm in options” with more a few grains of salt, given that Bahamas has literally been talking about them for years with little to show for it. The firm did manage to agree to an exclusivity period, where it earned $250,000 of cash per month for three months. However, in the end, the major international oil player walked away in spite of the cost it had sunk. If the major was not interested, then who else will be? Do not get me wrong – I would love to see a farm-in here. Not just for the believers, but because the share price will go bananas and I know I will be able to take more money out of this stock. But right now, I cannot see it happening. I guess I am right until I am proven wrong. The Perseverance-1 Well This well has potential to be a company-maker. Bahamas is targeting an estimated 1,030 million barrels of prospective resources. Many shareholders have been waiting for this well for a long time. It is a roll of the dice that could see multiples of the share price if it strikes and is found to be commercially viable. If the well is a duster, and then plugged and abandoned, then this will not be great for Bahamas. I have no idea what its next plans are if this does not work out. Terms of funding The terms of the funding here are not great. When all is said is done, this is death spiral financing, known for its destruction to the share price. This was hidden in the RNS but the clue is there: “Conversion Price: The lower of (i) a 25% premium to the price of the Company’s ordinary shares on the date of draw-down, or (ii) the lowest closing bid price of the Company’s shares on the five days prior to the date of conversion” It is not drawn down yet, but alongside the costs of the well the company’s recent equity issue will not be enough to fund this. Therefore, the company has these options: Go ahead and drill using the destructive convertible loan notes when required Conduct another equity raise to shore up the balance sheet Now, management work for shareholders. But they also work for themselves, as a company with no cash cannot pay any wages. It will be interesting to see what happens but I am expecting volatility to increase as the story develops. https://tinyurl.com/wypj2eh
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24/2/2020
14:17		alasparavolar: Bahamas Petroleum primed and ready for Perseverance wellCountdown underway for Perseverance wellMajor opportunity: testing a 770mln targetFunded regardless of farm-outPartnering talks continueBahamas Petroleum Company PLC -Quick facts: Bahamas Petroleum Company PLCPrice: 4.865 GBXLSE:BPCMarket: LSEMarket Cap: £106.15 mAbout the companyBahamas Petroleum PLC (LON:BPC) has five offshore licences covering four million acres and applications for a further five.According to broker Shore Capital, the explorer is on the “critical path towards drillingâ€?.In August it entered into a series of agreements as part of a coordinated approach towards drilling an initial exploration well in the first half of next year.Some big names were hired with Halliburton providing well services on a Seadrill drilling rig, and Baker Hughes providing other equipment.“BPC [Bahamas Petroleum has set a clear course towards the drilling of a maiden well on its southern licences, which have been substantially de-risked and delineated over several years and continue to provide world class prospectivity,â€? said Shore’s analyst Craig Howie in a note published in September.“Recent technical studies provide additional confidence, we believe, with last year’s exclusivity agreement with an oil major also providing validation. Whilst securing the necessary financing has taken longer than envisaged, we now see renewed momentum, tangible evidence of progress and scope for powerful share price catalysts in the months ahead.â€?How it is doingThe company’s hotly anticipated first exploration well is expected to get underway in April.It said that the well, to be called Perseverance-1, will be drilled in the northern segment of the ‘B Structure’ to target some 770mln barrels of recoverable prospective resources, with the ‘upside case’ estimates potentially pitched twice as high.The B Structure is seen across some 70-80 kilometres and could host up to multi-billion barrels of crude resources. The company noted that it has set up a temporary field office and other preparatory operations are underway - including well planning, contracting, and equipment procurement."BPC is in the final stages of readiness for the commencement of drilling our initial exploration well, Perseverance-1, in The Bahamas, with results from the well expected in Q2 2020,â€? said Simon Potter, Bahamas Petroleum chief executive.“The well location will be on the northern segment of the B structure, targeting a P50 recoverable resource of 0.77 billion barrels, but with an upside close to 1.5 billion barrels of recoverable oil.â€?Potter added: “Perseverance-1 has the potential to open a world class, new frontier basin offshore Bahamas, less than 200 miles from the world's largest hydrocarbon market/infrastructure.“In our view this makes Perseverance one of the premier prospects that could be drilled globally this year.â€?Funded for PerseveranceBPC on 20 February revealed it had entered into a £8mln convertible loan facility, with the first £2.43mln draw down available immediately.The facility is with what the company described as “a substantial Bahamian based institutional family-office investorâ€?.BPC noted that it farm-out options are still being evaluated as part of the company’s overall risk mitigation strategy ahead of hotly anticipated exploration drilling in Bahamian waters. Chief executive Simon Potter told investors that the facility would allow the company to “go it aloneâ€? if that was necessary.“Since mid-2019 we have progressively been implementing a coordinated funding strategy, with a view to ensuring we have access to the funds necessary for drilling, as and when we need them.“This measured approach means that we have now secured a funding package with considerably less overall dilution to shareholder equity than most commentators expected would be required.“Moreover, through this process we have consistently put the interests of our shareholders first.â€?Potter added: “Today's facility affords us greater overall funding availability, and a high degree of financial flexibility so that we can respond as may be needed to real-time drilling results.“We will see some immediate cash inflow to help manage the timing of cash-flow needs in advance of drilling (for example for long-lead/critical path items and advance credit payments required by service providers).“Thereafter, the remaining funds are committed, and available if the Company elects to draw on the facility as we progress through drilling.â€?What brokers saySP Angel analyst Sam Wahab, in a note on 20 February, said: “Whilst a farm-out would be the company’s preferred source of funding for its first well, the facility does provide shareholders comforts that BPC’s long awaited well will be delivered this year in our view.“If successful, Perseverance-1 would be transformational for the company, and indeed the frontier region in which it operates.â€?
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24/2/2020
11:51		alasparavolar: BumpBahamas Petroleum primed and ready for Perseverance wellCountdown underway for Perseverance wellMajor opportunity: testing a 770mln targetFunded regardless of farm-outPartnering talks continueBahamas Petroleum Company PLC -Quick facts: Bahamas Petroleum Company PLCPrice: 4.865 GBXLSE:BPCMarket: LSEMarket Cap: £106.15 mAbout the companyBahamas Petroleum PLC (LON:BPC) has five offshore licences covering four million acres and applications for a further five.According to broker Shore Capital, the explorer is on the “critical path towards drillingâ€?.In August it entered into a series of agreements as part of a coordinated approach towards drilling an initial exploration well in the first half of next year.Some big names were hired with Halliburton providing well services on a Seadrill drilling rig, and Baker Hughes providing other equipment.“BPC [Bahamas Petroleum has set a clear course towards the drilling of a maiden well on its southern licences, which have been substantially de-risked and delineated over several years and continue to provide world class prospectivity,â€? said Shore’s analyst Craig Howie in a note published in September.“Recent technical studies provide additional confidence, we believe, with last year’s exclusivity agreement with an oil major also providing validation. Whilst securing the necessary financing has taken longer than envisaged, we now see renewed momentum, tangible evidence of progress and scope for powerful share price catalysts in the months ahead.â€?How it is doingThe company’s hotly anticipated first exploration well is expected to get underway in April.It said that the well, to be called Perseverance-1, will be drilled in the northern segment of the ‘B Structure’ to target some 770mln barrels of recoverable prospective resources, with the ‘upside case’ estimates potentially pitched twice as high.The B Structure is seen across some 70-80 kilometres and could host up to multi-billion barrels of crude resources. The company noted that it has set up a temporary field office and other preparatory operations are underway - including well planning, contracting, and equipment procurement."BPC is in the final stages of readiness for the commencement of drilling our initial exploration well, Perseverance-1, in The Bahamas, with results from the well expected in Q2 2020,â€? said Simon Potter, Bahamas Petroleum chief executive.“The well location will be on the northern segment of the B structure, targeting a P50 recoverable resource of 0.77 billion barrels, but with an upside close to 1.5 billion barrels of recoverable oil.â€?Potter added: “Perseverance-1 has the potential to open a world class, new frontier basin offshore Bahamas, less than 200 miles from the world's largest hydrocarbon market/infrastructure.“In our view this makes Perseverance one of the premier prospects that could be drilled globally this year.â€?Funded for PerseveranceBPC on 20 February revealed it had entered into a £8mln convertible loan facility, with the first £2.43mln draw down available immediately.The facility is with what the company described as “a substantial Bahamian based institutional family-office investorâ€?.BPC noted that it farm-out options are still being evaluated as part of the company’s overall risk mitigation strategy ahead of hotly anticipated exploration drilling in Bahamian waters. Chief executive Simon Potter told investors that the facility would allow the company to “go it aloneâ€? if that was necessary.“Since mid-2019 we have progressively been implementing a coordinated funding strategy, with a view to ensuring we have access to the funds necessary for drilling, as and when we need them.“This measured approach means that we have now secured a funding package with considerably less overall dilution to shareholder equity than most commentators expected would be required.“Moreover, through this process we have consistently put the interests of our shareholders first.â€?Potter added: “Today's facility affords us greater overall funding availability, and a high degree of financial flexibility so that we can respond as may be needed to real-time drilling results.“We will see some immediate cash inflow to help manage the timing of cash-flow needs in advance of drilling (for example for long-lead/critical path items and advance credit payments required by service providers).“Thereafter, the remaining funds are committed, and available if the Company elects to draw on the facility as we progress through drilling.â€?What brokers saySP Angel analyst Sam Wahab, in a note on 20 February, said: “Whilst a farm-out would be the company’s preferred source of funding for its first well, the facility does provide shareholders comforts that BPC’s long awaited well will be delivered this year in our view.“If successful, Perseverance-1 would be transformational for the company, and indeed the frontier region in which it operates.â€?
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24/2/2020
11:14		2solaris: Bahamas Petroleum primed and ready for Perseverance well Countdown underway for Perseverance well Major opportunity: testing a 770mln target Funded regardless of farm-out Partnering talks continue Bahamas Petroleum Company PLC - Quick facts: Bahamas Petroleum Company PLC Price: 4.865 GBX LSE:BPC Market: LSE Market Cap: £106.15 m About the company Bahamas Petroleum PLC (LON:BPC) has five offshore licences covering four million acres and applications for a further five. According to broker Shore Capital, the explorer is on the “critical path towards drilling”. In August it entered into a series of agreements as part of a coordinated approach towards drilling an initial exploration well in the first half of next year. Some big names were hired with Halliburton providing well services on a Seadrill drilling rig, and Baker Hughes providing other equipment. “BPC [Bahamas Petroleum has set a clear course towards the drilling of a maiden well on its southern licences, which have been substantially de-risked and delineated over several years and continue to provide world class prospectivity,”; said Shore’s analyst Craig Howie in a note published in September. “Recent technical studies provide additional confidence, we believe, with last year’s exclusivity agreement with an oil major also providing validation. Whilst securing the necessary financing has taken longer than envisaged, we now see renewed momentum, tangible evidence of progress and scope for powerful share price catalysts in the months ahead.” How it is doing The company’s hotly anticipated first exploration well is expected to get underway in April. It said that the well, to be called Perseverance-1, will be drilled in the northern segment of the ‘B Structure’ to target some 770mln barrels of recoverable prospective resources, with the ‘upside case’ estimates potentially pitched twice as high. The B Structure is seen across some 70-80 kilometres and could host up to multi-billion barrels of crude resources. The company noted that it has set up a temporary field office and other preparatory operations are underway - including well planning, contracting, and equipment procurement. "BPC is in the final stages of readiness for the commencement of drilling our initial exploration well, Perseverance-1, in The Bahamas, with results from the well expected in Q2 2020,” said Simon Potter, Bahamas Petroleum chief executive. “The well location will be on the northern segment of the B structure, targeting a P50 recoverable resource of 0.77 billion barrels, but with an upside close to 1.5 billion barrels of recoverable oil.” Potter added: “Perseverance-1 has the potential to open a world class, new frontier basin offshore Bahamas, less than 200 miles from the world's largest hydrocarbon market/infrastructure. “In our view this makes Perseverance one of the premier prospects that could be drilled globally this year.” Funded for Perseverance BPC on 20 February revealed it had entered into a £8mln convertible loan facility, with the first £2.43mln draw down available immediately. The facility is with what the company described as “a substantial Bahamian based institutional family-office investor”. BPC noted that it farm-out options are still being evaluated as part of the company’s overall risk mitigation strategy ahead of hotly anticipated exploration drilling in Bahamian waters. Chief executive Simon Potter told investors that the facility would allow the company to “go it alone” if that was necessary. “Since mid-2019 we have progressively been implementing a coordinated funding strategy, with a view to ensuring we have access to the funds necessary for drilling, as and when we need them. “This measured approach means that we have now secured a funding package with considerably less overall dilution to shareholder equity than most commentators expected would be required. “Moreover, through this process we have consistently put the interests of our shareholders first.” Potter added: “Today's facility affords us greater overall funding availability, and a high degree of financial flexibility so that we can respond as may be needed to real-time drilling results. “We will see some immediate cash inflow to help manage the timing of cash-flow needs in advance of drilling (for example for long-lead/critical path items and advance credit payments required by service providers). “Thereafter, the remaining funds are committed, and available if the Company elects to draw on the facility as we progress through drilling.” What brokers say SP Angel analyst Sam Wahab, in a note on 20 February, said: “Whilst a farm-out would be the company’s preferred source of funding for its first well, the facility does provide shareholders comforts that BPC’s long awaited well will be delivered this year in our view. “If successful, Perseverance-1 would be transformational for the company, and indeed the frontier region in which it operates.”
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24/2/2020
11:09		2solaris: Well done whoppy, I'll repost> Bahamas Petroleum primed and ready for Perseverance well Countdown underway for Perseverance well Major opportunity: testing a 770mln target Funded regardless of farm-out Partnering talks continue Bahamas Petroleum Company PLC - Quick facts: Bahamas Petroleum Company PLC Price: 4.865 GBX LSE:BPC Market: LSE Market Cap: £106.15 m About the company Bahamas Petroleum PLC (LON:BPC) has five offshore licences covering four million acres and applications for a further five. According to broker Shore Capital, the explorer is on the “critical path towards drilling”. In August it entered into a series of agreements as part of a coordinated approach towards drilling an initial exploration well in the first half of next year. Some big names were hired with Halliburton providing well services on a Seadrill drilling rig, and Baker Hughes providing other equipment. “BPC [Bahamas Petroleum has set a clear course towards the drilling of a maiden well on its southern licences, which have been substantially de-risked and delineated over several years and continue to provide world class prospectivity,”; said Shore’s analyst Craig Howie in a note published in September. “Recent technical studies provide additional confidence, we believe, with last year’s exclusivity agreement with an oil major also providing validation. Whilst securing the necessary financing has taken longer than envisaged, we now see renewed momentum, tangible evidence of progress and scope for powerful share price catalysts in the months ahead.” How it is doing The company’s hotly anticipated first exploration well is expected to get underway in April. It said that the well, to be called Perseverance-1, will be drilled in the northern segment of the ‘B Structure’ to target some 770mln barrels of recoverable prospective resources, with the ‘upside case’ estimates potentially pitched twice as high. The B Structure is seen across some 70-80 kilometres and could host up to multi-billion barrels of crude resources. The company noted that it has set up a temporary field office and other preparatory operations are underway - including well planning, contracting, and equipment procurement. "BPC is in the final stages of readiness for the commencement of drilling our initial exploration well, Perseverance-1, in The Bahamas, with results from the well expected in Q2 2020,” said Simon Potter, Bahamas Petroleum chief executive. “The well location will be on the northern segment of the B structure, targeting a P50 recoverable resource of 0.77 billion barrels, but with an upside close to 1.5 billion barrels of recoverable oil.” Potter added: “Perseverance-1 has the potential to open a world class, new frontier basin offshore Bahamas, less than 200 miles from the world's largest hydrocarbon market/infrastructure. “In our view this makes Perseverance one of the premier prospects that could be drilled globally this year.” Funded for Perseverance BPC on 20 February revealed it had entered into a £8mln convertible loan facility, with the first £2.43mln draw down available immediately. The facility is with what the company described as “a substantial Bahamian based institutional family-office investor”. BPC noted that it farm-out options are still being evaluated as part of the company’s overall risk mitigation strategy ahead of hotly anticipated exploration drilling in Bahamian waters. Chief executive Simon Potter told investors that the facility would allow the company to “go it alone” if that was necessary. “Since mid-2019 we have progressively been implementing a coordinated funding strategy, with a view to ensuring we have access to the funds necessary for drilling, as and when we need them. “This measured approach means that we have now secured a funding package with considerably less overall dilution to shareholder equity than most commentators expected would be required. “Moreover, through this process we have consistently put the interests of our shareholders first.” Potter added: “Today's facility affords us greater overall funding availability, and a high degree of financial flexibility so that we can respond as may be needed to real-time drilling results. “We will see some immediate cash inflow to help manage the timing of cash-flow needs in advance of drilling (for example for long-lead/critical path items and advance credit payments required by service providers). “Thereafter, the remaining funds are committed, and available if the Company elects to draw on the facility as we progress through drilling.” What brokers say SP Angel analyst Sam Wahab, in a note on 20 February, said: “Whilst a farm-out would be the company’s preferred source of funding for its first well, the facility does provide shareholders comforts that BPC’s long awaited well will be delivered this year in our view. “If successful, Perseverance-1 would be transformational for the company, and indeed the frontier region in which it operates.”
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03/2/2020
11:32		pro_s2009: Going to be interesting if the fund is oversubscribed........ The company has only agreed to issue up to 100m new shares at 2p each (raising 2m GBP). These would be new shares. If the fund is oversubscribed they may purchase shares on the open market at normal prices..........(if the company says 100m is enough at 2p, no new shares, buy from the market). 7th of Feb is the closing date so on Monday the 10th if Feb we will know the outcome. Lets say the fund is oversubscribed, they might then have to take the full 100m at 2p and then buy up shares from the market at the current market price.......which will be very good for the share price if they start to hoover up all the loose stock. As previously announced on 28 November 2019, the Company appointed Leno Corporate Services Limited ("Leno") to advise on the creation of a Bahamian domiciled mutual fund investment vehicle (the Fund) with the sole mandate of owning BPC shares for the benefit of Bahamian investors. The Company is now pleased to announce that the Fund has been incorporated, licenced as a "Professional" Fund, and will be open for receipt of initial subscriptions from 09:00 EST today. The initial subscription period will end on 7 February 2020, whereby the proceeds received from investor subscriptions will then be utilised for the purchase of ordinary shares in Bahamas Petroleum. Thereafter, subscriptions and redemptions will be processed on a monthly basis, or more frequently if felt appropriate by the Fund, whereby any additional proceeds raised by net subscriptions will be used to purchase ordinary shares in Bahamas Petroleum, either directly in the form of new shares issued by the Company (should it agree to do so) or existing issued shares on the AIM market of the London Stock Exchange ("AIM"). Under the terms of the Fund Investment Memorandum, a copy of which can be found on Leno's website at www.lenobahamas.com, the Company has agreed to issue up to 100 million ordinary shares at 2 pence per share to the Fund, being the same price as that offered to the existing shareholders of the Company who were eligible to participate in the recent Open Offer. If the Fund were to be issued this number of shares in full, gross proceeds to the Company would be the equivalent of GBP2 million (received in Bahamian dollars), and the Fund would hold approximately 4.47 per cent of the enlarged issued share capital of BPC following issuance of these new shares. To the extent that the initial subscription proceeds of the Fund exceed this predefined amount, the Fund may either request to acquire additional new shares directly from the Company (should the Company agree to issue such shares), or the Fund may seek to purchase existing shares openly on AIM, making the required market disclosure in either scenario.
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06/10/2019
22:52		specialistslegion: Mugs - tomorrow can be a terrible day for BPC share price.
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05/10/2019
13:23		specialist protector: Ok - Now that my Messiah has instructed me, in reply to the questions from Universal about "Will BPC go under?" I have been supplied by the following wisdom by my Messiah. There is no doubt that following the events of last week BPC is now in a more difficult position. In my view there was an attempt to raise funds but it was not successful even as we moved towards 1p. The problem is not purely that the market does not believe that BPC is worth the risk, it is unfortunately due to the fact that the attempt to book-build was leaked but that is mainly due to the quality of the issuer in my view. In big houses like Morgan Stanley or Goldman Sachs when we do a pre-deal inquiry of demand for a book building exercise the relationship is so strong and the quality of investors that we approach so high that that there is effectively a binding agreement that this is an "over the wall" discussion. I assume some of you know what I mean but let me know if you need an explanation. Obviously a lesser broker such as those who work with BPC donot have these strong relationships and a lower quality of clients and without making any accusations it is even possible that a client would have leaked it (either to TW or otherwise) to get the price down so the placing is at a cheaper level or even trade on it (no evidence here though). The leak was however a disaster. The market was aware that a placing was coming and therefore shorts would have been active in-order to profit significantly by closing their positions at the placing and any sensible investor who wanted to go LONG would have waited to buy in the placing - so the leak had the effect of resulting in huge negative flows(SELLS)and hence the decline that we have seen. BPC now had no choice but to pull the deal! I do not believe it is factually correct by TW to say that they failed to raise at 1.4p, then 1.2p then 1p as it was not because the fundamentals of the company were so bad that they could not raise. It was due to the fact that the leak meant the share price kept coming down due to sellers and hence the goal posts kept on moving to effectively in my view (and I agree with BPC management) to levels below the minimum fundamental value of the company. This is a bit like deflationary cycle in the economy. No one buys in a deflationary cycle as asset prices are expected to come down and hence less economic activity means lower GDP and less demand and more deflationary pressure and more price declines and so on. (For that reason all central banks resorted to quantitative easing in 2008-9 - in order to increase the money supply resulting in excess capital for same assets to push asset prices up and stop a deflationary cycle in the economy - they succeeded!). However lets stay on message. So what now for BPC? Continued in the next post.
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