BSR is a small cap stock down 40% YTD and 70% in a year. Investors have been negative on it for a while. The review is to see if it can find partners (or sell the company) so it can properly develop its two projects. Lots of new capital is required, and it is not in a position to raise it itself. As of the last quarterly report it had $2.7M cash (no debt). But cash flow was negative $23M in the past year. In the past five years cumulative cash spend has been more than $150M. Insiders own 1.5% directly but Sarl Nemesia owns 13.7% and Zebra Holdings (connected to insiders) 13%. There has been very minor recent insider buying, but not a significant dollar amount. The review could take many forms, including nothing. Because the company needs capital, any interested buyers of the company are in charge here. Its assets are considered OK but not 'great'. We would be very cautious here and not interested. If no partner is found, the alternative is likely very large dilution of shareholders if the company raises equity on its own.
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