BJFoods-The Last 6 Days Before D-Day

Food,Glorious Food

The long wait is almost over.

Originally planned to be completed by the Q1, 2012, the rights issue will go ex on 12 July.

There are still 6 days to go  for investors to climb on the bandwagon  and prayerfully achieve a ringgit for ringgit return from the rights with a free warrant component to boot. All the counter needs now to have traction at RM1.30 for this to happen.

Today, BJFoods hit RM1. 45 before settling down at RM1.38 for a 15 sen gain. Volume was fair with  4,367 lots done as compared to less than 500 lots daily before this.

As can be seen, BJF is a tightly held share with sellers not desperate to sell. Buyers still wanted to bargain. This is reflected in the wide bids on BJF during the first trading session. The afternoon showed sellers appearing and selling down the counter from RM1.45 to RM1.38.

Once, the rights issue option forms go on sale,  we will know the latent underlying value of BJFoods. The free warrants will also be on sale.

We need to know when this will occur.

I will  review the prospects of BJF in the next posting.