BLU 2.22% 4.4¢ blue energy limited.

possible takeover read the full accounts.....

  1. 375 Posts.
    yes the accounts are very poor ......BUT this was expected - hence the removal of the CEO and CFO.

    You will also see they have extended their bank facilities by $3m to end Dec 2008 EVEN though bank covenants had been breached.

    Also read the very LAST sentance of the accounts - they have received a full offer to acquire the company and due diligence is being undertaken.

    If the offer to acquire them had been POOR the management would have refused to allow due diligence and continue to trade through their difficulties.

    This Co. has acquired a portfolio of Asian companies and owns the digital space for digital marketing. With a market cap of only $48M and by owning the space and being weak they were always ripe for takeover - but its is unlikely it would be for $1 and all liabilities taken on board - because the bank have extended facilities despite being technically insolvent (CL>CA) although they do have cash at bank of $3.25m.

    Their BLU portal is patented and the former CEO was a very experienced digital marketer - the technology and idea would have had legs but the capital was not their to develop it - ie it took longer to get off the ground and is being canned right now - but it probaly has marked value to soemoene with deeper pockets.

    In summary - my view is HOLD - don't panic - I will buy more at the inevitable initial fall as those who don't read the accounts FULLY actually panic.

    Just my thoughts

    DYOR
 
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4.5¢ 4.5¢ 4.4¢ $7.728K 174.0K

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4.4¢ 15008 1
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