Ann: Market Update, page-22

Things I am taking note of are:

- Shorts have fallen by over 50%. I would expect this to be rising not falling off a cliff. https://www.shortman.com.au/stock?q=bla
- BLA is not at risk of redemptions as the funds are closed.
- Debt isn't an issue as they recently raised capital
- SP is back to levels not seen since 2015 - what did the business look like in 2015 compared to what it is today? It has already copped a flogging. It might play out that the picture is the worst case scenario but what if it isn't?
- Directors buying recently all at higher prices than here. Just doesn't make sense that they would be buying as they are in the best position to know if the ship is going under now.

Sentiment is bad but I'm taking some today for a short term trade at these prices. DYOR.