Fascinating how the SAME story -is milked over and over again - to repeatedly drive the market down.
Even more fascinating is how the 'spin' merchants have managed to drive the market so low purely on the speculation of what MIGHT happened - not what HAS happened - and in all probability WONT happen .
BNK's slide is not company specific as some would have us believe - its all about the market in general and in the junior oil sector in particular - and there are many examples of similar percentage SP declines with lots of other otherwise sound juniors.
With regard to BNK - IMO - there is not a hope in hells chance of management recommending to shareholders a buyout at $6
Furthermore - in the highly unlikely scenerio that such an offer was recommended - I would be willing to wager that precious few shareholders would accept.
Based on a cross section of shareprices in the junior energy sector one would think Brent was trading at about $65 a barrel - which of course it is not. .
Eventually the shorts will run for cover when the volume of sellers dries up. The sooner folks stop panicking and sit tight - the sooner that will happen
Right now the 'smart' money are rubbing their hands in glee as thery snap up shares at firesale prices.
Give it another few weeks or so and the same people will be talking the market up - explaining how the correction was all so overdone.
GLA