SBM 4.74% $3.42 st barbara limited

coupla questions

  1. 7,409 Posts.
    Some called SBM a dog yesterday. Is there a history with them? I was looking through the June quarterly report, and noticed that they had reduced production costs and increased output for the quarter, and a surplus of $2.3mill.
    To me the figures sound ok, is there a limited life of this mine. Also I noticed a convertible note was exercised at 13c. Anyone know about this and why they would exercise at 13c for a share that is only 8-9c?

    I understand there is a merger proposal on the cards, this seems to have drawn out a bit, any comments on this, and how this might affect shareholders?

    And finally, are they highly geared? I can see interest on loans but couldnt find any loan arrangements in financials. They have $80mill accumulated losses, maybe this is why the stock is 'dog' classified because of its history (I dont know about it), but if they can turn it around, there are alot of tax decution to offset against profits.

    All opinions wlecomed.

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