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BTU - Bathurst Resources

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I've been following this one for a while now and bought a small stake recently.

Tahpot has summarised reasons to like this company. One other compelling point as far as I'm concerned is that the Buller Coal Project virtually surrounds the NZ SOE Solid Energy's Stockton mine, a longterm successful operation. The Buller district is well disposed to coal mining with all the necessary infrastructure either already in place or able to be readily upgraded.

 
Ripping upward channel formation for BTU happening here. Question is, retracement or breakthrough tomorrow?
Was a push in the last 10 mins of trading to snap some up, moving Bathurst to a 12 month high.
I'll be looking for an announcement in the next day or two, maybe linked or maybe not there was alot of bot trading for a period of about a week, which has stopped in the last couple of days.
 

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On the money SH! Breakout it is. Announcement out today regarding an 80% increase in the coal reserves at Deep Creek. Trying to hit 30c ATM.
http://www.asx.com.au/asxpdf/20100902/pdf/31s90kglcdkmsv.pdf
 
A very interesting intraday chart for BTU today, looking at course of sales someone went ballistic post 1.30pm until after the bell with several more big lots turned over. 9.8m traded today.
Scratching my head and can't think of any reason for this, no major event due until Q4 (Off-take and financing and environmental approvals spring to mind). Although OIO (link to what OIO is http://www.linz.govt.nz/overseas-investment/index.aspx) approval was due in Aug 2010, and there has been no announcement regarding this to my knowledge.
Environmental consent final submissions were also due to be filed this month.
In the back of my mind i recall talks with interested product parties, but seems too early for this.
Will be watching tomorrow and looking for a possible announcement.

oldblue, tahpot... any thoughts?
 

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Hi, springhill.

You will have seen yesterday's announcement regarding the issue of unlisted options to the MD and two other directors. 5m, 2.5m and 2m respectively, exercisable at 15c before June 2013.

Not a reason for trading activity I would have thought although I don't know the terms under which they were issued, eg as part of remuneration package; for achieving performance targets? I suppose if it's the latter it might be seen as a vote of confidence in BTU?

The other pertinent news in a sense might have been Port of Lyttelton declaring force majeure in respect of Solid Energy's coal exports. A consequence of the SI earthquake although PoL suggests it's more a slowing of operations rather than serious disruption. BTU have talked about the options, in due course, of railing to Lyttelton for shipping or barging to (say) Port Taranaki. But if anything this might have been seen as a bit of a dampener on BTU.

So in short - no idea really!

Cheers
 
Here's a wild idea.

Pike River Coal's CEO, Gordon Ward, has resigned with effect from 1 October.

Wouldn't be moving over to BTU, would he?

 
oldblue said:
Here's a wild idea.

Pike River Coal's CEO, Gordon Ward, has resigned with effect from 1 October.

Wouldn't be moving over to BTU, would he?

Click to expand...

Well they've already pulled in Les McCracken (formerly Pike River) on contract basis, aswell as Rob Lord from Gloucester Coal. So they have form in attracting names that have worked on bringing potential projects to fruition.
 
This has been posted in outstanding breakout alerts. The volume spike and breakout from trading range are pretty convincing. Pity I no longer Hold
 
I'm surprised that this hasn't prompted a speeding ticket from the ASX.

Not complaining, mind you, although I'm intrigued as to why such a big surge.

Disc: Holding BTU.

 
Well, BTU got its ticket.

The company reckons it's just the market reacting favourably to the recent resource increase posted for the Buller Coal Project.
 
oldblue said:
Well, BTU got its ticket.

The company reckons it's just the market reacting favourably to the recent resource increase posted for the Buller Coal Project.
Click to expand...

Maybe the fact Labor has looked to form a minority govt, and in the markets' mind a MRRT is now more imminent. So movement to overseas based projects must be having some influence on this, but not all IMO. Watch this space.....
 
Bathurst is off again - just breached it's all time high of .425. Looks like it had around 10 days of consolidation with reducing volume. Should be good for another leg up.
 
BTU in a trading halt pending the announcement of a capital raising.

Seems to have been "anticipated" somewhat!

 
Hi all,
Haven't been trading that long so it's the first time I've held stock in a company that's gone into a trading halt pending capital raising. Any ballpark time frame for these things.....I'm assuming it's extremely variable but just thought I'd check.
Cheers
JD
 

A trading halt has a definite time limit. Two or three trading days from memory.

BTU trading is now suspended. This will last as long as it takes to sort out the details. There's been speculation in the AFR last week that it will be an entitlement issue accompanied by a placement of around $74m.

We'll have to wait and see.

 
Entitlement issue announced - 1 for 2 at 30c together with a placement of shares at 30c to raise $76m.

Shares have been re-instated and have traded down at 36.5c.

I hold.
 
This seems like a fairly positive result for this situation. Is that a fair assumption?
 
And the market has reacted favourably so far today with the SP back up to 40c.

The fact that the placement was oversubscribed is reassuring too.
 
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